The bill, H.B. No. 3962, aims to amend the Government Code to include the INDYCAR Grand Prix of Arlington as an eligible event for funding under the major events reimbursement program. Specifically, it adds the INDYCAR Grand Prix of Arlington to the definition of "Event" in Section 478.0001, alongside other major events such as the Super Bowl and the Formula One United States Grand Prix. Additionally, it introduces a new provision in Section 478.0051 that allows this event to receive funding if a site selection organization designates a site in Texas as the sole location for the event without considering other sites through a competitive process.

Furthermore, the bill also adds Penske Entertainment to the list of "Site selection organizations," which is relevant for the selection process of events eligible for funding. The changes are set to take effect on September 1, 2025, thereby providing a framework for the potential economic benefits associated with hosting the INDYCAR Grand Prix in Arlington.

Statutes affected:
Introduced: Government Code 478.0001 (Government Code 478)
House Committee Report: Government Code 478.0001, Government Code 478.0051 (Government Code 478)