The Rugby World Cup 2023 Bill has passed all stages in the Dáil and now moves to the Seanad for debate.
Minister for Sport Shane Ross described the bill as "the most energising piece of legislation" he has introduced in the Dáil.
There was widespread support across the political parties for Ireland's bid to host the tournament and the bill this evening had cross-party support.
However numerous members of the opposition were critical of the way Minister Ross "rushed" the legislation through the house over a few hours.
France and South Africa have also submitted bids to host the tournament in six years time.
The hosting of the Rugby World Cup has the potential to be very beneficial to Ireland in terms of visitor numbers, sporting and international profile and for communities across the island.
Mr Ross said it is estimated that the tournament would draw approximately 450,000 high-spending visitors.
He said the formal bid to host the competition was submitted on 1 June.
The Dáil was told that "in response to demands from Rugby World Cup Ltd (RWCL) the bid also contained draft guarantees and undertakings seeking the support of governments to stage the tournament in 2023, for the payment of the tournament fee, underwriting of the tournament budget and the submission of public sector supports for the staging of the tournament."
The Attorney General advised in May this legislation is necessary for a minister to provide capital support to a tournament company and provide the necessary guarantees to RWCL.
The Bill comes after Green Party leader Eamon Ryan criticised the Government for committing €320 of taxpayers' money to support the Rugby World Cup without more stringent scrutiny by the Oireachtas.
He objected that the bill is to pass through both houses of the Oireachtas with just four hours debate.
Fianna Fáil's Robert Troy said his party would support the bill because it is "fundamental to underpin the bid to host the 2023 World Cup".
He said the Dáil should have been debating the bill last week instead of the Judicial Appointments Bill and this would have enabled a longer period of time for scrutiny.
Sinn Fein's Imelda Munster was also supportive of the bid but expressed concern at the way the Bill was rushed through the Oireachtas.
After outlining her support for the move she said: "this is certainly not the preferred way to legislate. This bill is dealing with a hypothetical situation.
"It is underwriting and providing finance and support in the event that Ireland's bid is successful. Because we are speculating on a sporting event that may or may not take place in six years time it seems that further detail cannot be provided at this time."
She said it is "also a worry when TDs are being asked to agree to the handing over a very substantial sum of money to a company that has not been established yet without having concrete details of the sums involved or indeed even the process involved."
