House Bill 2666 amends the existing laws regarding the privilege tax on hotel occupancy in Shelby County. The bill modifies the conditions under which the tax will be repealed.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 continue until a National Basketball Association franchise is no longer a tenant of an indoor sports facility or until June 30, 2050. Additionally, the bill removes the phrase "and ticket shortfall" from the relevant section and revises the allocation of tax revenues, stating that once the NBA franchise is no longer a tenant, 61.25% of the tax revenues will go to the Convention and Visitors Bureau (CVB) and 38.75% to the County for permitted purposes.

The bill requires a two-thirds vote from the legislative body of Shelby County for it to take effect, with the approval or disapproval to be certified by the presiding officer. While the act will be effective upon becoming law for the purpose of approval, it will only take full effect as outlined in the provisions of Section 4.