FL S1394

Creates sales tax exemption for building materials used in construction, reconstruction, expansion, or renovation of certified motorsports entertainment complexes with at least 50,000 fixed seats, provided as refund of previously paid state taxes when project meets $250 million cost threshold over 48 months.

Requires motorsports entertainment complex owners to apply to Department of Economic Opportunity for project approval before construction begins and submit certification application upon project completion with supporting documentation from contractors and building inspectors.

Establishes $166,667 monthly distribution to certified motorsports entertainment complexes from state sales tax revenues for specified public purposes including construction costs, bond debt service, infrastructure improvements, and advertising/promotion programs.

Provides master developer of certified motorsports entertainment complex with refund of 50 percent of sales taxes collected within the complex that exceed the base year amount, renewable annually for 30 years.

Reduces local government half-cent sales tax distributions by 10 percent of each refund granted under the program, with reductions prorated over 12 months and transferred to General Revenue Fund.