Public facilities districts

From the 2024 DOR Tax Exemption Study

82.29A.130(16) - Public facilities districts Description All leasehold interests in property owned by public facilities districts are exempt from leasehold excise tax. The exemption covers sports and entertainment venues, conference and convention centers, and special events facilities. Purpose To encourage the construction and utilization of these public facilities. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.292 $0.295 $0.300 $0.305 Local Taxes $0.256 $0.259 $0.263 $0.268 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.221 $0.300 $0.305 Local Taxes $0.000 $0.194 $0.263 $0.268 Assumptions - This repeal takes effect July 1, 2024, and impacts nine months of collections in fiscal year 2025. - Growth rate mirrors the leasehold excise tax growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - No new facilities will utilize this exemption for the length of this estimate. Data Sources - Joint Legislative Audit and Review Committee, Leasehold excise tax data - Economic and Revenue For