Senate Bill 211 amends Tennessee Code Annotated, specifically Section 67-6-103(d)(1)(A), to introduce a new provision regarding the allocation of sales and use tax revenue for a specific stadium. This stadium must be located in a county with a population between 366,200 and 366,300, as per the 2020 federal census or any subsequent census. The bill stipulates that if the governing entity of the stadium reimburses the state for the costs associated with reallocating tax revenue, it will receive an amount equal to the state and local sales tax revenue generated from various activities at the stadium, including admissions, food and merchandise sales, parking charges, and related services. The funds allocated must be used exclusively for capital projects and operational expenses at the stadium.

The allocation of funds under this new provision will continue until the debt service for capital projects is retired or until July 1, 2055, whichever comes first. The bill is set to take effect on July 1, 2025, emphasizing the importance of this financial support for the stadium's operations and development.

Statutes affected:
Introduced: 67-6-103(d)(1)(A), 67-6-103