Events Trust Fund
The Events Trust Fund applies local and state gains from sales and use, auto rental, hotel and alcoholic beverage taxes generated over a 30-day period from an event or series of events conducted no more than once annually. Eligible events are NOT restricted to sports, but the venue must have been selected over others as a sole event site or, the sole site in Texas and adjoining states.
Sporting events, such as cutting horse competitions in Fort Worth, and NCAA sports, including swimming and diving championships are among previous Events Trust Fund recipients.
Starting in fiscal 2010 non-sporting events, such as conventions and conferences, became eligible for Events Trust Fund reimbursements.
The trust fund can be used to pay costs related to preparing for or conducting the event, including equipment, or to pay principal and interest on notes used to build or improve facilities to host the event. One hundred percent of allowable expenses can be funded provided sufficient tax receipts are deposited in the trust fund.
|Statute||Vernon’s Texas Civil Statutes, Article 5190.14 Sec 5C|
An event or a related series of events held in this state for which a local organizing committee, endorsing county or endorsing city seeks approval from a site selection organization.
|Population Requirements||No City or County size limitations|
|Taxes Eligible for Reimbursement||
|State Review/Approval||Comptroller works with the applicant (city or county) to establish the amount of incremental tax gains resulting from the event – which is the basis of expense reimbursement.|
|Economic Impact “Window”||30 Days|
|Application Deadline||Four months prior to event View the Request worksheet (PDF)|
|Specific Use Limitations||Cannot be used to solicit relocation of a professional sports franchise already located in Texas.|