Why Is Texas Spending Sales Tax Revenue to Put on the NFL Draft Experience?

Everyone knows Texas is business friendly. Well, it's also events friendly. The 2018 NFL Draft is putting a spotlight on how a pool of sales tax revenue is used to land and stage big events that attract tourists to Texas cities.The state has three funds to assist communities — one aimed at auto racing, another at major sports events like the Super Bowl or Final Four, and a third called the Events Trust Fund that can be tapped for sports and other big draws such as religious conventions and trade shows.The Events Trust Fund is ready to kick in nearly $2.2 million to help defray costs of holding the draft in Arlington.Before you get too upset about that, read on.This week, an estimated 400,000 NFL fans are heading to AT&T Stadium for the hoopla surrounding the annual selection of college football players by NFL teams. It's the first time it's being held in a stadium.Those fans will be spending money on entertainment and hotel stays while they're in town, which in turn generates sales tax revenue. Direct spending by attendees and event organizers is projected to top $56 million. Some of the windfall is then returned to cities hosting events. The funds pay for things like extra police hours and street cleanup.   Continue reading...

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