Major Events Trust Fund
The Major Events Trust Fund applies local and state gains from sales and use, auto rental, hotel and alcoholic beverage taxes generated over a 12-month period from certain major sporting championships or events to pay costs incurred from hosting the event.
Large and well-attended events have previously been funded, including the 2004 Super Bowl and the NCAA’s 2004 and 2008 Men’s Final Four basketball championships.
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. 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 5A|
|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. The Comptroller will review the actual number of attendees to confirm the value to the state.|
|Economic Impact “Window”||One Year|
|Application Deadline||Not earlier than one year and not later than 45 days before the event View the Request worksheet (PDF)|
|Specific Use Limitations||Cannot be used to solicit relocation of a professional sports franchise already located in Texas.|
The Comptroller is required under Section 5A(w) of Article 5190.14 (Vernon's Civil Statutes) to complete and post an economic impact study following the completion of an event eligible for disbursements from the Major Events trust fund. Below are studies of the measurable economic impact attributable to METF events:
- 2011 Super Bowl XLV (February 2011) (PDF, 287KB)
- 2011 Summer National Senior Games (June 2011) (PDF, 532KB)
- 2012 Olympic Trials Marathon (January 2012) (PDF, 456KB)
- 2012 AAU Junior Olympic Games (August 2012) (PDF, 367KB)
- 2011 - 2012 NCHA Triple Crown of Cutting (Futurity, Super Stakes, Summer Spectacular) (PDF, 1.1MB)
- 2012 Formula One Grand Prix (November 2012) (PDF, 499KB)