House Bill 3004 amends Chapter 131 of the Private Acts of 1969, specifically addressing funding allocations for the Convention and Visitors Bureau (CVB) in Shelby County. The bill introduces new provisions regarding the funding structure, including a guaranteed amount of $3,300,000 for the CVB for Fiscal Year 1995-1996, with a 5% annual increase until the tax is no longer levied. Additionally, if the tax revenues do not meet the required $11,400,000 for the County's debt service obligations related to a new or renovated indoor sports facility, the CVB must refund the difference to the County.

Furthermore, the bill outlines a new allocation structure for tax revenues starting in Fiscal Year 2026, which includes a 35.75% allocation to the CVB and provisions for the County's debt service obligations. The remaining revenues will be divided between the CVB and the County, with specific percentages allocated to each entity based on the retirement of the New Arena Bonds. The bill requires a two-thirds vote from the legislative body of Shelby County for it to take effect, emphasizing the need for local approval of these funding changes.