Senate tax bill would create new account to bid for large sporting events

The Minnesota Senate Taxes Committee discussed a large tax bill Wednesday which includes creating a special account that the state can tap into to draw headline sports events to Minnesota. 

It would be called the Sports and Events Reimbursement Program and would capture tax revenue from large-scale sports games that spur economic activity and then those funds can be used to make bids for future events like the Super Bowl, NFL Draft, NCAA Final Four and more. The provision has bipartisan support. 

That same broader tax package includes a special tax on social media companies profiting off of consumer data, and a one-time property tax refund boost to help families with those high costs for an average increase of $171 on top of existing refunds.

This bill still needs a vote in the full Senate and then the provisions need to be negotiated with the tied state House where Republicans and Democrats share power. Legislative leaders have already begun their discussions with just two-and-a-half weeks to go until session is set to end May 18.