Text of section effective on April 01, 2021
Sec. 480.0203. REDUCTION OF DISBURSEMENT AMOUNT. (a) After the conclusion of an event, the office shall compare information on the actual attendance figures provided under Section 480.0251 with the estimated attendance numbers used to determine the incremental increase in tax receipts under Section 480.0102. If the actual attendance figures are significantly lower than the estimated attendance numbers, the office may reduce the amount of a disbursement from the events trust fund for an endorsing entity:
(1) in proportion to the discrepancy between the actual and estimated attendance; and
(2) in proportion to the amount the entity contributed to the fund.
(b) The office by rule shall:
(1) define "significantly lower" for purposes of this section; and
(2) provide the manner in which the office may proportionately reduce a disbursement.
(c) This section does not affect the remittance under Section 480.0207 of any money remaining in the events trust fund.
Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April 1, 2021.
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