Sec. 7.7. (a) As used in this section, “fund” refers to the convention center operating, capital improvement, and financial incentive fund established under subsection (b).

     (b) The county treasurer shall establish a convention center operating, capital improvement, and financial incentive fund.

     (c) Before January 1, 2026, the county treasurer shall deposit in the fund the amount of money received under section 6 of this chapter that is generated by a two percent (2%) rate.

     (d) After December 31, 2025, the county treasurer shall deposit in the fund the amount of money received under section 6 of this chapter that is generated by a one percent (1%) rate.

     (e) Money in the fund may be expended only for the following:

(1) Operating expenses of a convention center located in the county.

(2) Capital improvements to a convention center located in the county.

(3) Financial incentives to attract, promote, or encourage new business conventions, trade shows, or special events held at a convention center located in the county.

     (f) A financial incentive described in subsection (e)(3) may not be distributed to a new business for at least thirty (30) days after the conclusion of a convention, trade show, or special event that is held by the new business at a convention center located in the county.

As added by P.L.208-1999, SEC.3. Amended by P.L.168-2005, SEC.10; P.L.176-2009, SEC.7; P.L.190-2014, SEC.29; P.L.290-2019, SEC.4.