IN SB0069

Establishes a professional motorsports development area (PMDA) in the town of Speedway that can include facilities for professional motorsports racing events and commercial gateway areas.

Allows the town to capture and allocate state sales tax, state individual income tax, county option income tax, and admissions taxes generated within the PMDA to a dedicated fund for up to 30 years.

Requires the budget committee to review and the budget agency to approve any PMDA resolution before tax revenues can be allocated, with authority to set base amounts and caps on captured taxes.

Directs revenues from the PMDA fund to be distributed monthly to the town and used only for capital improvements in the tax area, financing improvements, or providing financial assistance for private enterprise development.

Effective July 1, 2012.