Download This Version in Microsoft Word format
TO DESIGNATE SECTION 5 OF ACT 313 OF 2008, RELATING TO A TEN-YEAR FIFTY PERCENT EXEMPTION FROM THE ADMISSIONS LICENSE TAX TO A QUALIFYING MOTORSPORTS ENTERTAINMENT COMPLEX, AS SECTION 12-21-2425, CODE OF LAWS OF SOUTH CAROLINA, 1976, AND TO AMEND THE NEWLY DESIGNATED SECTION TO PROVIDE THAT THE EXEMPTION IS INSTEAD ONE HUNDRED PERCENT OF ADMISSIONS TAX TO SUCH A MOTORSPORT ENTERTAINMENT COMPLEX FOR FIVE YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. SECTION 5 of Act 313 of 2008 is designated Section 12-21-2425 of the 1976 Code, and is amended to read:
"SECTION 5. A. Section 12-21-2425. (A) In addition to the exemption allowed from the admissions license tax imposed pursuant to Section 12-21-2420 of the 1976 Code, there is also exempt from that tax for ten five years beginning July 1, 2008 2011, one half one hundred percent of the paid admissions to a motorsports entertainment complex.
(B) For purposes of the exemption allowed by this section, a motorsports entertainment complex means a motorsports facility, and its ancillary grounds and facilities, that satisfies all of the following:
(1) has at least sixty thousand fixed seats for race patrons;
(2) has at least three scheduled days of motorsports events, and events ancillary and incidental thereto to those events, each calendar year that are sanctioned by a nationally or internationally recognized governing body of motorsports that establishes an annual schedule of motorsports events; and
(3) engages in tourism promotion.
B. Notwithstanding the general effective date provided in this act, this section takes effect July 1, 2008."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on April 27, 2011 at 5:37 PM