Taxes, Sales - As enacted, authorizes an entity designated to operate a stadium designed to host games of an intercollegiate football team that competes in the NCAA Division I Football Championship Subdivision (FCS) to receive a special allocation of state and local sales tax revenue derived from the sale of admission to events occurring within the stadium and from all sales of food, drinks, merchandise, and parking sold on the premises of the stadium to fund capital and operation expenses for the stadium. - Amends TCA Title 67, Chapter 6.

HB 397 directs state and local sales tax revenue from admissions, food, merchandise, parking, and related services at a specific stadium to fund that stadium's capital and operational costs. It applies only to stadiums in a single county (population 366,200-366,300 per 2020 census) hosting NCAA FCS football games, soccer events, and local events. The revenue - excluding local sales tax portions for schools - must be used exclusively for stadium capital projects (including debt payments) and operations until the debt is paid or July 1, 2055, whichever comes first. The bill requires the stadium operator to reimburse the state for reallocation costs.