HB3248 - Tennessee - Taxes, Sales

Taxes, Sales - Adds soccer to professional sports that qualify a municipality with a sports authority to receive actual allocation of taxes paid on admissions, concessions, parking, and team merchandise. - Amends TCA Section 67-6-103.

Other Fiscal Impact - If an agreement is reached between any municipality and a sports authority to construct a sports venue for a Major League Soccer team or a Major Indoor Soccer team, a forthcoming amount of state sales tax revenue, derived from sales occurring at the venue during games, would shift from the General Fund to the municipality where it would be earmarked to pay the debt incurred to construct the venue. This amount of foregone state revenue is estimated to exceed $150,000 per year per team.