KNOXVILLE, Tenn. (WATE) — State Sen. Becky Duncan Massey (R-Knoxville) has filed legislation that would help fund the proposed multimillion dollar sports stadium in downtown Knoxville.
The bill, if signed into law, would allow local governments in counties with population greater than 400,000 people to capture state and local sales tax collected within a quarter-mile area around a stadium.
For example, for the stadium proposed by Randy Boyd, owner of the Tennessee Smokies, the zone would run roughly from the east edge of the Old City through much of the area by Hall of Fame Drive east to First Creek.
If the bill passes, the sports authority would receive any sales taxes above the amount generated within that radius as of 2020.
To become a law, a bill must first be passed in similar form by the state senate and house of representatives and then be signed by the governor.