Sec. 398.004. ECONOMIC IMPACT STUDY

(a) To be eligible to use a portion of the tax revenue generated by a special event to assist in paying expenses incurred in connection with the event under this chapter, a host community must conduct an economic impact study of the geographic area expected to experience economic benefits from the special event and submit the study to the comptroller for certification.

(b) The economic impact study must identify the geographic area expected to experience economic benefits from the special event and provide an estimate of:

(1) the general economic impact likely to occur in the area as a result of the event; and

(2) the anticipated amount of increase in the tax receipts to this state from the taxes imposed under Chapter 151, Tax Code, that:

(A) will occur in the special event area during the period that begins on the day before the first day of the event and ends at the earlier of:

(i) the end of the day following the last day of the event; or

(ii) the end of the 30th day after the day before the first day of the event; and

(B) is directly attributable to the preparation for and presentation of the event.

Added by Acts 2005, 79th Leg., Ch. 117 , Sec. 1, eff. September 1, 2005.