Title GV, Government Code

Sec. 479.0052. DETERMINATION OF INCREMENTAL INCREASE IN CERTAIN TAX RECEIPTS. (a) After a site selection organization selects a site for a motor sports racing event in this state in accordance with an application by a local organizing committee, endorsing municipality, or endorsi…

Sec. 479.0053. TIME FOR DETERMINATION. The office shall determine the incremental increase in tax receipts under Section 479.0052 not later than three months before the date of the motor sports racing event. Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff…

Sec. 479.0054. DESIGNATION OF MARKET AREA. (a) For purposes of Section 479.0052(a)(1), the office shall designate as a market area for a motor sports racing event each area in which the office determines there is a reasonable likelihood of measurable economic impact directly attr…

Sec. 479.0055. ESTIMATE OF TAX REVENUE CREDITED TO TRUST FUND. (a) Not later than three months before the date of a motor sports racing event, the office shall provide an estimate of the total amount of tax revenue that would be transferred or deposited to the trust fund under th…

Sec. 479.0101. MOTOR SPORTS RACING TRUST FUND. The motor sports racing trust fund is established outside the state treasury and is held in trust by the comptroller for administration of this chapter. Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April …

Sec. 479.0102. DEPOSIT OF MUNICIPAL AND COUNTY TAX REVENUE. (a) Each endorsing municipality or endorsing county shall remit to the comptroller and the comptroller shall deposit into a trust fund created by the comptroller, at the direction of the office, and designated as the mot…

Sec. 479.0103. STATE TAX REVENUE. The comptroller, at the direction of the office, shall transfer to the trust fund a portion of the state tax revenue determined under Section 479.0052(a)(1) in an amount equal to 6.25 multiplied by the amount of the municipal and county sales and…

Sec. 479.0151. DISBURSEMENT WITHOUT APPROPRIATION. Money in the trust fund may be disbursed by the office without appropriation only as provided by this chapter. Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April 1, 2021.

Sec. 479.0152. DISBURSEMENT FROM TRUST FUND. (a) After approval of each contributing endorsing municipality and endorsing county, the office may make a disbursement from the trust fund for a purpose for which an endorsing municipality, an endorsing county, or this state is obliga…

Sec. 479.0153. ALLOWABLE EXPENSES. (a) Money in the trust fund may be used to: (1) pay the principal of and interest on notes issued under Section 479.0202; and (2) fulfill obligations of an endorsing municipality, an endorsing county, or this state to a site selection organizati…

Sec. 479.0154. PROHIBITED DISBURSEMENT. The office may not make a disbursement from the trust fund that the office determines would be used to solicit the relocation of a professional sports franchise located in this state. Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174)…

Sec. 479.0155. REMITTANCE OF REMAINING TRUST FUND MONEY. On payment of all municipal, county, or state obligations under a motor sports racing event support contract or event support contract related to the location of a motor sports racing event in this state, the office shall r…

Sec. 479.0201. REQUIRED INFORMATION. (a) A local organizing committee, endorsing municipality, or endorsing county shall provide information required by the office to fulfill the office's duties under this chapter, including: (1) annual audited statements of any financial records…

Sec. 479.0202. ISSUANCE OF NOTES. (a) To meet its obligations under a motor sports racing event support contract or event support contract to improve, renovate, or acquire facilities or to acquire equipment, an endorsing municipality by ordinance or an endorsing county by order m…

Sec. 479.0203. PLEDGE OF SURCHARGES TO GUARANTEE OBLIGATIONS. An endorsing municipality or endorsing county may guarantee its obligations under a motor sports racing event support contract and this chapter by pledging, in addition to the tax revenue deposited under Section 479.01…