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House OKs bill to let sports commission hold and use funds for multi-year events
Summary
House Bill 478 authorizes a fund for the state Sports Commission to hold monies, including potential lapsing funds from the EDTIF, and to support multi-year contracts to attract sporting events; the House passed the bill 70-0.
The Utah House on March 2 passed House Bill 4 78, which authorizes a fund for the state Sports Commission to deposit and disburse money to attract sporting events and to enter multi-year contracts.
Representative Dee, sponsor of the measure, said the commission brings major events to Utah—"whether it's the Dew Tour or the Xterra or Strongman Tour or the Tour of Utah"—and asserted the program yields a significant return: "we're enjoying right now is more than a 4 to 1 ratio of return on our dollars," Dee said.
The bill also proposes moving lapsing funds from the Economic Development Tax Incentive Fund (EDTIF) into the sports commission account when available; the sponsor said there were currently no lapsing funds but the authority would allow use of such funds if they occur. The measure is intended to help the commission secure multi-year contracts and attract more events.
There was no recorded floor debate opposing the bill. Voting was unanimous: House Bill 4 78 passed 70-0 and will be transmitted to the Senate for its consideration.
