Public or entertainment areas of an arena

From the 2024 DOR Tax Exemption Study

82.29A.130(23) - Public or entertainment areas of an arena Description All leasehold interests in the public or entertainment areas of an arena located in a city with a population over 100,000 and located on city-owned land are exempt from the leasehold tax. The arena must have a seating capacity of at least 4,000 and the funds used for constructing improvements to the arena were 100% the responsibility of private entities and not reimbursed by the public owner. The exemption also extends to office areas of the arena used predominantly by the lessee. Purpose To encourage construction and operation of Climate Pledge Arena. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes CTI CTI CTI CTI Local Taxes CTI CTI CTI CTI 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 CTI CTI CTI Local Taxes $0.000 CTI CTI CTI Assumptions This exemption impacts fewer than three taxpayers; any impacts are confidential. Data Sources Department of Revenue, Leasehold excise tax data Additional Additional Information Information Category: Business Year E