SB296 Summary

• Amends Section 40-9-25.14 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 materials purchased for capital improvements or repairs at the museum or motorsports park.

• Exempts all personal property owned by and real property owned by or leased to the museum and related entities from state, county, and local ad valorem taxation, provided the property is used in connection with museum or motorsports park operations.

• Exemption for construction materials sales and use taxes is effective through the 2024 tax year, unless extended by legislative action.

• Act becomes effective immediately upon passage and approval by the Governor.