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AL SB416
Bill
Status
5/23/2019
Primary Sponsor
Jim McClendon
Click for details
AI Summary
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International Speedway Corporation, its affiliates, and contractors are exempt from state, county, and municipal sales and use taxes on construction materials purchased for capital improvements, refurbishment, and repairs at Talladega Superspeedway.
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All personal and real property owned by International Speedway Corporation and its affiliates that is part of or contiguous to the Talladega Superspeedway motorsports park property is exempt from all state, county, and local ad valorem taxation, including property leased to the Alabama Motorsports Hall of Fame.
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International Speedway Corporation must provide the Department of Revenue with an annual list of its affiliates, and the department may adopt rules governing administration of this section.
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Tax exemptions are available through the 2023 tax year unless extended by legislative action.
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Act becomes effective October 1, 2019; passed Senate 30-0 on May 23, 2019.
Legislative Description
Talladega Superspeedway, International Speedway Corp., sales and use tax exemption for purchases of construction materials related to and ad valorem tax exemption on real and personal property, Sec. 40-9-25.23 added
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
5/23/2019