AL HB307

Amends Section 40-9-25.14 of the Code of Alabama 1975 to expand tax exemptions for the Barber Vintage Motorsports Museum and related entities including Barber Motorsports Park, LLC, Barber Motorsports Park 2, LLC, and Barber Motorsports Park 3, LLC.

Exempts the museum and related entities from state, county, and municipal sales and use taxes on construction material purchased for capital improvements or repairs at the museum and motorsports park, in addition to existing exemptions for tangible personal property purchased solely for museum display.

Extends ad valorem tax exemption to all real and personal property owned by the museum and related entities that is part of the museum or motorsports park property, and deletes outdated references to property leased from the City of Birmingham.

Maintains existing limitations that the exemption does not apply to property sold or leased to third parties, property not used in connection with museum or motorsports park operations, or property purchased after July 1, 2006.

Becomes effective immediately upon passage and gubernatorial approval.