H316 Summary

• Creates Richmond County District R as a special taxing district encompassing only the property occupied by Rockingham Speedway, with the Richmond County Board of Commissioners serving as its governing body.

• Authorizes the district to levy a prepared food and beverages tax of up to 10% on retail sales of prepared food and alcoholic beverages consumed on or off premises, in addition to state and local sales tax.

• Exempts from the tax boardinghouse meals, vending machine sales, grocery store sales (except delicatessans), occupancy-tax-bundled meals, employer-provided meals, and military reservation sales.

• Requires retailers to collect and remit the tax monthly, with the district able to deduct up to 3% of gross proceeds for administration costs and directing remaining proceeds to improve, operate, and promote the speedway and tourism development.

• Allows the tax to become effective on the first day of a calendar month no sooner than four months after adoption of the levying resolution, and permits repeal or reduction by district resolution effective at the end of the fiscal year.