JEFFERSON CITY—On Thursday, the Missouri Senate approved Senate Bill 10, sponsored by Sen. Eric Schmitt, R-Glendale. The measure creates an incentive to attract amateur sporting events to Missouri in an effort to support local businesses across the state.

Under the bill, $5 from every ticket sold to a qualifying event would go towards an incentive to offset the costs local organizations incur while attracting amateur sporting events, such as the NCAA basketball tournament and Olympic trials, to their area.

“This incentive is critical if our state is going to stay competitive in attracting these kinds of events to Missouri. And we must,” said Sen. Schmitt. “Amateur sporting events are a huge economic boost to communities across the state. Visitors stay at local hotels, shop at local stores, and eat at local restaurants. That helps those businesses thrive, and it also raises much-needed revenue for our state without increasing taxes on hard-working Missourians.”

The bill would prohibit the incentive from exceeding $3 million in a fiscal year. Since the measure is based on tickets sold, every community in Missouri could utilize the incentive to bring more amateur sporting events to their area.

“As we continue promoting economic development, it’s important we find ways to encourage growth through fiscally responsible measures,” said Sen. Schmitt. “This bill targets a very specific area of our economy, yet in such a way that all businesses can benefit. It will encourage broad economic activity while still having a positive return on investment for taxpayers.”

Senate Bill 10 now goes to the House for similar consideration.