South Carolina General Assembly
120th Session, 2013-2014

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Bill 481

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COMMITTEE REPORT

April 10, 2013

S. 481

Introduced by Senators Malloy, McGill, Leatherman and Setzler

S. Printed 4/10/13--S.

Read the first time March 5, 2013.

            

THE COMMITTEE ON FINANCE

To whom was referred a Bill (S. 481) to amend Section 12-21-2425, Code of Laws of South Carolina, 1976, relating to the admissions license tax exemption for a motorsports entertainment complex, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

HUGH K. LEATHERMAN, SR. for Committee.

            

A BILL

TO AMEND SECTION 12-21-2425, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ADMISSIONS LICENSE TAX EXEMPTION FOR A MOTORSPORTS ENTERTAINMENT COMPLEX, SO AS TO REQUIRE THE COMPLEX TO BE A NASCAR SANCTIONED SPEEDWAY THAT HOSTS AT LEAST ONE RACE EACH YEAR FEATURING THE PREEMINENT NASCAR CUP SERIES, INSTEAD OF REQUIRING THE SPEEDWAY TO HAVE AT LEAST SIXTY THOUSAND SEATS FOR RACE PATRONS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-21-2425(B)(1) of the 1976 Code is amended to read:

"(1)    has at least sixty thousand fixed seats for race patrons is a NASCAR sanctioned motor speedway or racetrack that hosts at least one race each year featuring the preeminent NASCAR cup series;"

SECTION    2.    This act takes effect for tax years beginning after 2012.

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