Senate Study Bill 1157 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON DAWSON) A BILL FOR An Act concerning the regulation and support of leisure 1 activities, including by providing for gambling games 2 and sports wagering enforcement, license fees, tax rates, 3 and the use of associated revenue, establishing the Iowa 4 major events and tourism program and fund, modifying the 5 sports tourism marketing and infrastructure program, making 6 appropriations, and including effective date provisions. 7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 8 TLSB 1774XC (5) 91 ll/ns

S.F. _____ DIVISION I 1 GAMBLING GAMES AND SPORTS WAGERING 2 Section 1. Section 8.57I, subsection 3, Code 2025, is 3 amended to read as follows: 4 3. a. Moneys in the sports wagering receipts fund in a 5 fiscal year shall be used as directed by the general assembly. 6 b. For the fiscal year beginning July 1, 2026, and each 7 fiscal year thereafter, there is appropriated from the sports 8 wagering receipts fund to the public safety equipment fund 9 created in section 80.48 eight million dollars. Subsections 4 10 and 5 do not apply to moneys appropriated under this paragraph. 11 Sec. 2. Section 80.43, subsection 1, Code 2025, is amended 12 to read as follows: 13 1. A gaming enforcement revolving fund is created in the 14 state treasury under the control of the department. The fund 15 shall consist of fees collected and deposited into the fund 16 paid by licensees pursuant to section 99D.14, subsection 2 , 17 paragraph “b” , fees and costs paid by applicants pursuant 18 to section 99E.4, subsection 4 , and fees paid by licensees 19 pursuant to section 99F.10, subsection 4 , paragraph “b” any 20 other moneys appropriated to, transferred to, or deposited in 21 the fund . All costs for agents and officers plus any direct 22 support costs for such agents and officers of the division of 23 criminal investigation’s racetrack, excursion boat, gambling 24 structure, and internet fantasy sports contests , as defined in 25 section 99E.1 , enforcement activities shall be paid from the 26 fund as provided in appropriations made for this purpose by the 27 general assembly. 28 Sec. 3. Section 99D.14, subsection 2, paragraph a, 29 subparagraph (1), Code 2025, is amended to read as follows: 30 (1) A licensee shall pay a regulatory fee to be charged as 31 provided in this section . In determining the regulatory fee 32 to be charged as provided under this section , the commission 33 shall use the amount appropriated to the commission plus 34 the cost of salaries for no more than three special agents 35 -1- LSB 1774XC (5) 91 ll/ns 1/ 15

S.F. _____ assigned pursuant to the provisions of section 80.25A , for 1 each racetrack that has not been issued a table games license 2 under chapter 99F or no more than three special agents 3 assigned pursuant to the provisions of section 80.25A , for each 4 racetrack that has been issued a table games license under 5 chapter 99F , plus any direct and indirect support costs for 6 the division of criminal investigation’s duties pursuant to 7 chapters 99D , 99E , and 99F , and section 80.25A , as the basis 8 for determining the amount of revenue to be raised from the 9 regulatory fee. 10 Sec. 4. Section 99D.14, subsection 2, paragraphs b, e, and 11 f, Code 2025, are amended by striking the paragraphs. 12 Sec. 5. Section 99D.14, subsection 2, paragraph d, Code 13 2025, is amended to read as follows: 14 d. The aggregate amount of the regulatory fee assessed under 15 paragraph “a” during each fiscal year shall be reduced by an 16 amount equal to the unexpended moneys from the previous fiscal 17 year that were deposited into the gaming regulatory revolving 18 funds fund established in sections 80.43 and section 99F.20 19 during that previous fiscal year. 20 Sec. 6. Section 99F.5, subsection 2, Code 2025, is amended 21 to read as follows: 22 2. The annual license fee to operate an excursion gambling 23 boat shall be based on the passenger-carrying capacity 24 including crew, for which the excursion gambling boat is 25 registered. For a gambling structure, the annual license fee 26 shall be based on the capacity of the gambling structure. The 27 annual fee shall be five ten dollars per person capacity. 28 Sec. 7. Section 99F.10, subsection 4, paragraph a, Code 29 2025, is amended to read as follows: 30 a. In determining the license fees and state regulatory 31 fees to be charged as provided under section 99F.4 and this 32 section , the commission shall use as the basis for determining 33 the amount of revenue to be raised from the license fees and 34 regulatory fees the amount appropriated to the commission plus 35 -2- LSB 1774XC (5) 91 ll/ns 2/ 15

S.F. _____ the cost of salaries for no more than three special agents 1 for each excursion gambling boat or gambling structure as 2 assigned pursuant to the provisions of section 80.25A , plus any 3 direct and indirect support costs for the division of criminal 4 investigation’s duties pursuant to chapters 99D , 99E , and 99F , 5 and section 80.25A . 6 Sec. 8. Section 99F.10, subsection 4, paragraphs b, d, f, 7 and g, Code 2025, are amended by striking the paragraphs. 8 Sec. 9. Section 99F.10, subsection 4, paragraph e, Code 9 2025, is amended to read as follows: 10 e. The aggregate amount of the regulatory fee assessed under 11 paragraph “a” during each fiscal year shall be reduced by an 12 amount equal to the unexpended moneys from the previous fiscal 13 year that were deposited into the gaming regulatory revolving 14 funds fund established in section 80.43 or 99F.20 during that 15 previous fiscal year. 16 Sec. 10. Section 99F.10, subsection 5, Code 2025, is amended 17 by striking the subsection. 18 Sec. 11. Section 99F.11, subsection 1, Code 2025, is amended 19 to read as follows: 20 1. A tax is imposed on the adjusted gross receipts received 21 each fiscal year from gambling games authorized under this 22 chapter at the rate of five percent on the first one million 23 dollars of adjusted gross receipts and at the rate of ten 24 percent on the next two million dollars of adjusted gross 25 receipts. following rates: 26 a. If the licensee is an excursion gambling boat or gambling 27 structure, twenty-two percent. 28 b. If the licensee is a racetrack enclosure conducting 29 gambling games, twenty-four and one hundred twenty-five 30 thousandths percent, regardless of whether the licensee has 31 been issued a table games license. 32 Sec. 12. Section 99F.11, subsection 2, Code 2025, is amended 33 by striking the subsection. 34 Sec. 13. Section 99F.11, subsection 3, paragraph a, Code 35 -3- LSB 1774XC (5) 91 ll/ns 3/ 15

S.F. _____ 2025, is amended to read as follows: 1 a. Notwithstanding any provision of this section to the 2 contrary, the tax rate imposed on a licensee each fiscal 3 year on any amount of promotional play receipts on gambling 4 games included as adjusted gross receipts shall be determined 5 by multiplying the adjusted percentage by the wagering tax 6 applicable to the licensee pursuant to subsection 2 1 . 7 Sec. 14. Section 99F.11, subsection 4, Code 2025, is amended 8 by adding the following new paragraph: 9 NEW PARAGRAPH . 0e. For the fiscal year beginning July 1, 10 2026, and each fiscal year thereafter, the remaining amount of 11 the adjusted gross receipts tax shall be credited to the gaming 12 enforcement revolving fund created in section 80.43 until the 13 amount credited to the fund under this paragraph equals the 14 amount appropriated from the fund by the general assembly 15 for the fiscal year to the department of public safety for 16 direct support costs for agents and officers of the division 17 of criminal investigation’s excursion gambling boat, gambling 18 structure, and racetrack enclosure enforcement activities, 19 including salaries, support, maintenance, miscellaneous 20 purposes, and full-time equivalent positions. 21 Sec. 15. Section 99F.11, subsection 5, paragraph a, Code 22 2025, is amended to read as follows: 23 a. A tax is imposed on the sports wagering net receipts 24 received each fiscal year by a licensed operator from sports 25 wagering authorized under this chapter at the rate of six and 26 three-quarters nine percent. 27 Sec. 16. EFFECTIVE DATE. This division of this Act takes 28 effect January 1, 2026. 29 DIVISION II 30 IOWA MAJOR EVENTS AND TOURISM PROGRAM AND FUND 31 Sec. 17. NEW SECTION . 15G.1 Definitions. 32 As used in this chapter, unless the context otherwise 33 requires: 34 1. “Authority” means the economic development authority. 35 -4- LSB 1774XC (5) 91 ll/ns 4/ 15

S.F. _____ 2. “Board” means the same as defined in section 15.102. 1 3. “Entity” means an Iowa nonprofit organization established 2 to promote economic development and tourism in an area. 3 4. “Event” means a tourism-oriented athletic contest, 4 convention, music festival, or art festival. 5 5. “Financial assistance” means assistance provided only 6 from the moneys, rights, and assets legally available to the 7 authority and includes but is not limited to assistance in the 8 form of grants. 9 6. “Fund” means the Iowa major events and tourism fund 10 established in section 15G.4. 11 7. “Program” means the Iowa major events and tourism program 12 established in section 15G.2. 13 Sec. 18. NEW SECTION . 15G.2 Iowa major events and tourism 14 program —— purpose. 15 1. The authority shall establish and administer the 16 Iowa major events and tourism program to provide financial 17 assistance to eligible entities that support events in this 18 state, or support events involving a geographic region that 19 includes this state, and the event generates large attendance, 20 significant publicity, and has a measurable economic impact on 21 this state. 22 2. The program shall be administered for the purpose of 23 awarding financial assistance to an eligible entity for any of 24 the following purposes: 25 a. To pay for or reimburse the costs incurred by the entity 26 to apply or bid for selection as the site for the event. 27 b. To pay for or reimburse the costs incurred by the entity 28 to plan or to conduct the event, including any fees charged by 29 a site selection organization as a prerequisite to hosting the 30 event, including but not limited to hosting fees, sanctioning 31 fees, participation fees, operational fees, or bid fees. 32 Sec. 19. NEW SECTION . 15G.3 Program —— application, review, 33 eligibility, and funding. 34 1. An application for financial assistance under the 35 -5- LSB 1774XC (5) 91 ll/ns 5/ 15

S.F. _____ program shall be submitted to the authority. For each 1 application that meets the eligibility criteria under 2 subsection 2, the authority shall conduct a staff evaluation 3 of the application and forward the application and staff 4 evaluation to the board. 5 2. a. The authority shall establish eligibility criteria 6 for the program by rule. The eligibility criteria must include 7 all of the following: 8 (1) The entity must currently be involved in the bidding and 9 selection process for the event for which the entity submits 10 an application. 11 (2) The entity’s application under subsection 1 must 12 include an economic analysis of the event that includes but is 13 not limited to all of the following: 14 (a) Projected hotel and motel room occupancies during the 15 event. 16 (b) Projected number of event attendees from this state, 17 other states, and other countries. 18 b. Notwithstanding paragraph “a” , an entity shall be deemed 19 eligible for the program if any of the following apply: 20 (1) After a highly competitive bidding and selection 21 process involving potential sites not located in this state, a 22 location in Iowa has been selected for the entity’s event. 23 (2) This state serves as the sole site for the entity’s 24 event. 25 (3) The sole site for the entity’s event is a geographic 26 region that includes this state and one or more contiguous 27 states. 28 3. When evaluating an application, the authority shall 29 consider, at a minimum, all of the following: 30 a. The potential impact of the event on the local, regional, 31 and state economies. 32 b. The event’s potential to attract visitors from this 33 state, other states, and other countries. 34 c. The amount of positive advertising or media coverage the 35 -6- LSB 1774XC (5) 91 ll/ns 6/ 15

S.F. _____ event may generate. 1 d. The quality, size, and scope of the event. 2 e. The ratio of public-to-private investment required for 3 the event. 4 4. a. (1) Upon review of the staff evaluation, the board 5 shall make the final funding decision on each application 6 and may approve, deny, defer, or modify each application, in 7 the board’s discretion, to fund as many events as possible 8 with the moneys available. The board and the authority may 9 negotiate with an eligible applicant regarding the details of 10 the applicant’s proposed event and the amount and terms of 11 any financial assistance. In making final funding decisions 12 pursuant to this subsection, the board and the authority shall 13 be exempt from chapter 17A. 14 (2) An application and staff evaluation forwarded to 15 the board under subsection 1 shall remain eligible for 16 consideration by the board under subparagraph (1) for up to two 17 years from the date of receipt of the application by the board. 18 b. In order to be awarded financial assistance under the 19 program, an applicant must demonstrate the ability to provide 20 matching moneys for the event that equal at least fifty percent 21 of the award of financial assistance. 22 Sec. 20. NEW SECTION . 15G.4 Iowa major events and tourism 23 fund. 24 1. a. The authority shall establish an Iowa major events 25 and tourism fund pursuant to section 15.106A, subsection 1, 26 paragraph “o” , for purposes of providing financial assistance 27 as described in this chapter. The fund may be administered as 28 a revolving fund and shall consist of any moneys transferred to 29 the fund and any moneys appropriated by the general assembly 30 for purposes of this chapter. 31 b. (1) Notwithstanding section 8.33, moneys in the fund 32 that remain unencumbered or unobligated at the close of the 33 fiscal year shall not revert but shall remain available for 34 expenditure for the purposes designated until the close of the 35 -7- LSB 1774XC (5) 91 ll/ns 7/ 15

S.F. _____ fiscal year following the succeeding fiscal year. 1 (2) Moneys encumbered or obligated pursuant to financial 2 assistance awarded under section 15G.3, subsection 4, shall be 3 disbursed by the authority within five calendar years from the 4 date of encumbrance or obligation, or the moneys shall revert 5 to the state treasury and shall be credited to the funds from 6 which the appropriations were made as provided in section 8.33. 7 c. Notwithstanding section 12C.7, subsection 2, interest or 8 earnings on moneys deposited in the fund shall be credited to 9 the fund. 10 2. a. Moneys in the fund are appropriated to the authority 11 for purposes of providing financial assistance under the 12 program. The authority shall not use more than five percent 13 of the moneys in the fund at the beginning of each fiscal year 14 for purposes of administrative costs, technical assistance, and 15 other program support. 16 b. An entity that is awarded financial assistance pursuant 17 to this chapter is not eligible to receive financial assistance 18 under the sports tourism infrastructure program pursuant to 19 chapter 15F, subchapter IV. 20 Sec. 21. APPROPRIATION —— SPORTS WAGERING RECEIPTS 21 FUND. There is appropriated from the sports wagering receipts 22 fund created in section 8.57I to the economic development 23 authority for the fiscal year beginning July 1, 2025, and 24 ending June 30, 2026, the following amount, or so much thereof 25 as is necessary, to be used for the purposes designated: 26 For deposit in the Iowa major events and tourism fund 27 established in section 15G.4, as enacted by this division of 28 this Act: 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,000,000 30 DIVISION III 31 SPORTS TOURISM MARKETING PROGRAM AND FUND —— REPEAL 32 Sec. 22. Section 15F.401, subsection 1, paragraph a, Code 33 2025, is amended to read as follows: 34 a. The authority shall establish, and, at the direction 35 -8- LSB 1774XC (5) 91 ll/ns 8/ 15

S.F. _____ of the board, shall administer a sports tourism marketing and 1 infrastructure program to provide financial assistance for 2 projects that promote sporting events or for infrastructure 3 projects supporting sporting events for organizations of 4 accredited colleges and universities, professional sporting 5 events, and other sporting events in the state. 6 Sec. 23. Section 15F.401, subsection 1, paragraph b, Code 7 2025, is amended by adding the following new subparagraph: 8 NEW SUBPARAGRAPH . (03) “Fund” means the sports tourism 9 infrastructure program fund established in section 15F.404. 10 Sec. 24. Section 15F.401, subsection 2, paragraph a, 11 subparagraph (1), Code 2025, is amended by striking the 12 subparagraph. 13 Sec. 25. Section 15F.401, subsection 2, paragraph a, 14 subparagraph (2), Code 2025, is amended to read as follows: 15 (2) A city or county in the state or a public entity that 16 is a convention and visitors bureau or a district may apply to 17 the authority for financial assistance from the sports tourism 18 infrastructure program fund created in section 15F.404 for an 19 infrastructure project that actively and directly supports 20 sporting events for accredited colleges and universities, 21 professional sporting events, and other sporting events in the 22 area served by the city, county, or public entity. However, 23 financial assistance shall not be provided to an applicant 24 from the sports tourism infrastructure program fund created 25 in section 15F.404 for infrastructure projects located in a 26 reinvestment district as defined and approved by the authority 27 pursuant to section 15J.4 or to applicants that have received a 28 rebate of sales tax imposed and collected by retailers pursuant 29 to section 423.4, subsection 5 . 30 Sec. 26. Section 15F.401, subsection 4, paragraph b, Code 31 2025, is amended to read as follows: 32 b. An applicant under the program shall not receive 33 financial assistance from the sports tourism marketing 34 program fund created in section 15F.403 or the sports tourism 35 -9- LSB 1774XC (5) 91 ll/ns 9/ 15

S.F. _____ infrastructure program fund created in section 15F.404 in 1 an amount exceeding fifty percent of the total cost of the 2 project. 3 Sec. 27. Section 15F.401, subsection 5, Code 2025, is 4 amended to read as follows: 5 5. The board shall make final funding decisions on 6 each application and may approve, deny, defer, or modify 7 applications for financial assistance under the sports tourism 8 marketing and infrastructure program, in its discretion, in 9 order to fund as many projects with the moneys available as 10 possible. The board and the authority may negotiate with 11 applicants regarding the details of projects and the amount and 12 terms of any award. The total amount of financial assistance 13 provided to an applicant from the sports tourism marketing 14 program fund created in section 15F.403 in any one fiscal year 15 shall not exceed five hundred thousand dollars. In making 16 final funding decisions pursuant to this subsection , the board 17 and the authority are exempt from chapter 17A . 18 Sec. 28. Section 15F.401, subsection 6, Code 2025, is 19 amended by striking the subsection and inserting in lieu 20 thereof the following: 21 6. A city, county, or public entity shall not use financial 22 assistance received under the program from the fund as 23 reimbursement for completed projects. 24 Sec. 29. Section 15F.402, subsections 1 and 2, Code 2025, 25 are amended to read as follows: 26 1. Applications for assistance under the sports tourism 27 marketing and infrastructure program established in section 28 15F.401 shall be submitted to the authority. For those 29 applications that meet the eligibility criteria, the authority 30 shall forward the applications to the board and provide a staff 31 review analysis and evaluation to the sports tourism program 32 review committee referred to in subsection 2 and to the board. 33 2. A review committee composed of five members of the 34 board shall review sports tourism marketing and infrastructure 35 -10- LSB 1774XC (5) 91 ll/ns 10/ 15

S.F. _____ program applications forwarded to the board and make 1 recommendations regarding the applications to the authority. 2 Sec. 30. Section 15F.404, subsection 2, paragraph a, Code 3 2025, is amended to read as follows: 4 a. Moneys in the fund are appropriated to the authority for 5 purposes of providing financial assistance to cities, counties, 6 and eligible public entities under the sports tourism marketing 7 and infrastructure program established and administered 8 pursuant to this subchapter . 9 Sec. 31. REPEAL. Section 15F.403, Code 2025, is repealed. 10 Sec. 32. TRANSFER OF MONEYS. On the effective date of 11 this division of this Act, any moneys remaining in the sports 12 tourism marketing program fund established in section 15F.403, 13 Code 2025, are transferred to the Iowa major events and tourism 14 fund established in section 15G.4, as enacted by this Act. 15 EXPLANATION 16 The inclusion of this explanation does not constitute agreement with 17 the explanation’s substance by the members of the general assembly. 18 This bill concerns the regulation and support of leisure 19 activities. 20 GAMBLING GAMES AND SPORTS WAGERING. Under current law, 21 the tax rate imposed on sports wagering net receipts of a 22 licensed operator is 6.75 percent, which is deposited in the 23 sports wagering receipts fund. The bill increases the rate to 24 9 percent. For FY 2026-2027 and each fiscal year thereafter, 25 the bill appropriates $8 million from the sports wagering 26 receipts fund to the public safety equipment fund, which is 27 used by the department of public safety (DPS) for purchase, 28 maintenance, and replacement of equipment. The bill exempts 29 the appropriated moneys from the sports wagering receipts 30 fund reporting requirements under current law, as current law 31 already requires DPS to report on the use of moneys in the 32 public safety equipment fund. 33 Under current law, to determine the license fees and 34 regulatory fees to be charged in accordance with Code sections 35 -11- LSB 1774XC (5) 91 ll/ns 11/ 15

S.F. _____ 99D.14 and 99F.10, the state racing and gaming commission 1 (commission) must use the amount appropriated to the commission 2 plus the gaming enforcement costs of DPS’s division of criminal 3 investigation. The portion of the fees associated with such 4 enforcement costs is deposited in the gaming enforcement 5 revolving fund to be annually appropriated by the general 6 assembly to DPS for gaming enforcement. The bill strikes 7 the portion of the fees that is based on DPS enforcement 8 costs, and the associated deposit in the gaming enforcement 9 revolving fund. The bill does not amend the fees associated 10 with DPS costs for fingerprinting, national criminal history 11 check requirements, and background investigations for licenses 12 to conduct internet fantasy sports contests (Code section 13 99E.4(4)). 14 Under current law, the annual license fee to operate an 15 excursion gambling boat or gambling structure is $5 per person 16 capacity. The bill increases the rate to $10 per person 17 capacity. 18 Under current law, a tax is imposed on the adjusted gross 19 receipts received each fiscal year from excursion gambling 20 boats, gambling structures, and racetrack enclosures conducting 21 gambling games. The rate is 5 percent on the first $1 million 22 and 10 percent on the next $2 million. Over $3 million, the tax 23 rate is 22 percent for an excursion gambling boat or gambling 24 structure, and between 22 and 24 percent for a racetrack 25 enclosure based on the existence of an excursion gambling boat 26 or gambling structure in the same county, whether the racetrack 27 enclosure has been issued a table games license, and whether 28 adjusted gross receipts reached $100 million. 29 The bill eliminates this tax rate structure and imposes a 30 tax of 22 percent for an excursion gambling boat or gambling 31 structure, and 24.125 percent for a racetrack enclosure, on all 32 adjusted gross receipts each fiscal year. 33 For FY 2026-2027 and each fiscal year thereafter, prior 34 to the remaining amount of the adjusted gross receipts tax 35 -12- LSB 1774XC (5) 91 ll/ns 12/ 15

S.F. _____ being credited to the rebuild Iowa infrastructure fund as 1 provided under current law, an amount is credited to the gaming 2 enforcement revolving fund up to the amount appropriated by the 3 general assembly to DPS for gaming enforcement from that fund 4 for that fiscal year. 5 This division of the bill takes effect January 1, 2026. 6 IOWA MAJOR EVENTS AND TOURISM PROGRAM AND FUND. The bill 7 requires the economic development authority (authority) to 8 establish an Iowa major events and tourism program (program) 9 and an Iowa major events and tourism fund (fund), and to 10 administer the program. 11 The purpose of the program is to provide financial 12 assistance including but not limited to grants to an entity 13 supporting an event in this state, or an event involving a 14 geographic region that includes this state, and the event 15 generates large attendance, significant publicity, and 16 measurable economic impact on this state. The financial 17 assistance includes payment or reimbursement of costs incurred 18 by the entity to apply or bid for selection as the site 19 event, to plan or conduct the event, and to pay or reimburse 20 any related fees including hosting fees, sanctioning fees, 21 participation fees, operational fees, and bid fees. 22 The bill defines “entity” to mean an Iowa nonprofit 23 organization established to promote economic development 24 and tourism in an area. The bill defines “event” to mean a 25 tourism-oriented athletic contest, convention, music festival, 26 or art festival. 27 The bill requires the authority to establish eligibility 28 criteria for the program by rule. The eligibility criteria 29 must include the requirement that the entity be currently 30 involved in the bidding and selection process for the event the 31 application is based upon; and that the entity must submit an 32 economic analysis of the event with the entity’s application 33 that includes but is not limited to projected hotel and 34 motel room occupancies, and the projected number of attendees 35 -13- LSB 1774XC (5) 91 ll/ns 13/ 15

S.F. _____ the event attracts from this state, other states, and other 1 countries. 2 An application is deemed to meet all eligibility criteria 3 if the state is selected as the event site after a highly 4 competitive bidding and selection process involving sites in 5 other states, if this state serves as the sole site for the 6 event, or if the sole site for the event involves a geographic 7 region that includes this state and one or more contiguous 8 states. 9 If an entity’s application meets the eligibility criteria 10 established in the bill, the staff of the authority must 11 perform an evaluation of the application and forward the 12 application and evaluation to the economic development 13 authority board (board). In evaluating an application, the 14 bill requires the authority to consider the impact on the 15 economy, the potential to attract visitors, advertising and 16 media coverage, public-to-private investment ratios, and the 17 quality, size, and scope of the event. 18 Upon review of the staff evaluation, the board may approve, 19 deny, defer, or modify the application. The bill allows the 20 board and the authority to negotiate with the entity regarding 21 the details of the event and the amount and terms of the 22 financial assistance. 23 An application remains eligible for consideration by the 24 board for up to two years from the date of receipt of the 25 application by the board. 26 The bill requires applicants to demonstrate the ability to 27 provide matching funds equal to at least 50 percent of the 28 financial assistance awarded to the applicant. 29 The bill requires the authority to establish a fund for the 30 purposes of providing financial assistance under the program. 31 The authority may administer the fund as a revolving fund. 32 Moneys in the fund that are encumbered or obligated pursuant 33 to financial assistance awarded under the program shall be 34 disbursed by the authority within five years of the date of 35 -14- LSB 1774XC (5) 91 ll/ns 14/ 15

S.F. _____ encumbrance or obligation, or the moneys shall revert to the 1 state treasury. Moneys in the fund are appropriated to the 2 authority to provide financial assistance to an entity under 3 the program. 4 An entity that is awarded financial assistance pursuant to 5 the bill is not eligible to receive financial assistance under 6 the sports tourism infrastructure program. 7 For FY 2025-2026, the bill appropriates $15 million from 8 the sports wagering receipts fund to the Iowa major events and 9 tourism fund. 10 SPORTS TOURISM MARKETING PROGRAM AND FUND —— REPEAL. The 11 bill modifies the sports tourism marketing and infrastructure 12 program by repealing the sports tourism marketing program and 13 fund. The bill retains the sports tourism infrastructure 14 program and fund. Upon the effective date of the division, 15 the bill transfers the remaining moneys in the sports tourism 16 marketing program fund to the Iowa major events and tourism 17 fund. 18 -15- LSB 1774XC (5) 91 ll/ns 15/ 15