The bill proposes amendments to the Revised Code to increase the sports gaming tax from twenty percent to thirty-six percent, with the additional revenue directed towards funding sports venues and interscholastic athletics. It establishes a new section, 123.282, which creates the Sports Venue Redevelopment Commission responsible for evaluating and approving funding projects. The bill also introduces definitions for terms related to cultural and sports facilities, such as "Ohio sports facility" and "professional sports franchise." Furthermore, it modifies existing provisions regarding state funding for the construction of sports facilities, capping state contributions at 15% of initial estimated costs unless specific conditions are met, and requiring local contributions to cover at least 85% of total costs.

Additionally, the bill creates the Sports Venue Redevelopment Fund to support the renovation or construction of sports facilities, with funding criteria that include ownership by the state or a political subdivision and commitments from professional or minor league franchises to host a majority of their home games at the facility. The commission overseeing this fund will consist of seven members appointed by state officials, with restrictions on financial interests in professional sports franchises. The bill also establishes several new funds, including the Sports Gaming Revenue Fund and the Interscholastic Athletics Fund, while repealing existing sections of the Revised Code related to these provisions to ensure consistency in application.

Statutes affected:
As Introduced: 123.28, 123.281, 5753.021, 5753.031