State of Texas pays $2.7 million of taxpayer money to host Wrestlemania 32
The Texas Tribune is running an article about Texas governor Greg Abbott agreeing to spend up to $2.7 million in taxpayer funds to bring WrestleMania to the state next year. The article notes that during his campaign last year, the governor was against such ideas using taxpayer money however last week his office signed off on the $2.7 million payment from the Events Trust Fund. The Events Trust Fund is designed to defray the costs of some large events by paying state taxes collected during the events, such as those levied on hotel reservations and car rentals, back to event organizers. “It’s a massive event,” CFO for Stadium Events Organizing Committee Marty MacInnis said. “They’ve got fan festivals. They’ve got golf tournaments. They’ve got rallies. It’s one of those things where people from all over the world will come to this.” State subsidy helped the organizing committee plan out its bid and determine how much it could ultimately agree to pay WWE. The total funding WWE is receiving for the event is still being worked out, McInnis said. WrestleMania 32 received the second biggest incentive since governor Abbott’s office took over the trust fund. The Formula One race in October received nearly $20 million.