ST. LOUIS (KMOX) - A top St. Louis Sports Commission official says Friday’s signing of S.B. 10, legislation providing tax incentives for sporting events, comes at the perfect time for St. Louis.
Vice President Mark Schreiber said the bill returning some of the tax revenue raised by an event to its sponsor comes as the city is bidding for the SEC Men’s Basketball Tournament and U.S. Olympic Swimming Trials. Under the plan, $5 of each ticket sold would be placed the pocket of event sponsors.
“Without this legislation, it would be very difficult for us to be able to produce those events successfully. We would have a much smaller shot of being able to land them,” Schreiber said.
He added that having such legislation in place a few years ago would have given the city a much better chance to win NCAA Final Fours or other major events that it has missed out on in recent years.
“I’m pleased the governor recognized the importance of this legislation and signed it into law,” Sen. Eric Schmitt, R-Glendale, the bill’s sponsor, said in a release. “This measure will provide opportunities for communities across the state to host amateur sports events, and will not only help support local businesses in those areas, but also raise a significant amount of revenue for our state. It will encourage broad economic activity while still having a positive return on investment for taxpayers.”