Senate Bill 2729, also known as House Bill 2666, amends Chapter 131 of the Private Acts of 1969 regarding the privilege tax on hotel occupancy in Shelby County. The bill modifies the conditions under which the taxing resolution will be repealed. Specifically, it replaces the previous stipulation that the tax would end once the original bonds for the Cook Convention Center were fully paid or by June 30, 2015, with a new condition that the tax will remain in effect until a National Basketball Association franchise is no longer a tenant of an indoor sports facility or until June 30, 2050, whichever comes first.

Additionally, the bill removes the phrase "and ticket shortfall" from Section 10(e)(2)(B) and revises Section 10(e)(2)(E) to specify that once an indoor sports facility is no longer occupied by an NBA franchise, 61.25% of the tax revenues will be allocated to the Convention and Visitors Bureau (CVB), while 38.75% will go to the County for any permissible purpose under the Private Act. The bill requires a two-thirds vote from the legislative body of Shelby County for it to take effect, with immediate effectiveness for the approval process.