Live Breaking News & Updates on Means Subcommittee Chair Gary Hicks

A large part of the bill asks the state to forego 50% of the sales tax generated from a proposed East Bank development on its 130 acres of land near Nissan Stadium.
The bill notes plans for the 130 acres around the stadium could “include hotels, retail establishments, eating and drinking places, and other similar establishments.” Once those are in place, the annual sales tax amount given back to the team is estimated to be $10 million.
“These types of situations go on forever and forever, amen. … At some point, these types of situations need to be sunsetted,” Sen. Todd Gardenhire, R-Chattanooga, said. “If they were just saying they wanted to keep it inside the stadium, I wouldn’t have as much heartburn. But when they want to use foregone tax revenue to develop something and keep those proceeds and make money off it, I just have a philosophical problem with that.” ....

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