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SB478 SUB1 Senate Bill 478 History

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Key: Green = existing Code. Red = new code to be enacted

WEST virginia legislature

2020 regular session

Committee Substitute

for

Senate Bill 478

Senators Maynard, Roberts, and Cline, original sponsors

[Originating in the Committee on Economic Development; Reported on February 7, 2020]

 

 

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §11-29-1, §11-29-2, §11-29-3, §11-29-4, and §11-29-5, all relating to creating the West Virginia Motorsports Entertainment Complex Investment Act; and creating a sales and use tax exemption for qualified companies that make a capital investment in any motorsport entertainment complex in the state.

Be it enacted by the Legislature of West Virginia:


Article 29. Motorsports Entertainment Complex Investment Act.

§11-29-1. Act created.


This article may be cited as the West Virginia Motorsports Entertainment Complex Investment Act.

§11-29-2. Findings.


The Legislature finds that motorsports is a popular spectator sport, the growth of which holds potential for significant economic impact by providing additional entertainment venues for West Virginia citizens and for creating tourist destinations. The state recognizes the importance of providing incentives, through which large-scale investment in a motorsport entertainment complex would be attracted to the state,

§11-29-3. Definitions.


For purposes of this article:

“Company” means any corporation, partnership, limited liability company, or other business entity.

“Department” means the State Tax Department.

“Motorsports entertainment complex” means a motorsports facility, including its ancillary grounds and facilities, that is designed to qualify as an officially sanctioned motor speedway or racetrack.

§11-29-4. Exemption from tax.


(a) A company currently operating, or making application for meeting the requirements of, and receiving written certification of, that designation from the department, as provided in subsection (b) of this section, is exempt from state and local sales tax on building materials, supplies, fixtures, and equipment for the construction, repair, or improvement of or that become a part of a motorsports entertainment complex.

(b) A company shall become a qualified company by applying with the department. The director of the department shall approve the application as long as the application is accompanied by a practical plan to make a capital investment on any motorsports entertainment complex in this state. Upon receiving written certification from the department, a company may use the exemption specified in subsection (a) of this section.

(c) Once a company has met the requirements of subsection (b) of this section, the department shall issue a sales tax exemption certificate to the company as evidence of the exemption. The exemption is effective upon receipt and shall remain effective until December 31 of the fifth full calendar year after its issuance. Once the exemption certificate is ineffective, the company must return the exemption certificate to the department and submit a report to the department of the actual expenditures made in West Virginia in connection with the investment. The company must designate a member or representative of the company to work with the department on reporting of the investment.

§11-29-5. Time effective.


Except where specified otherwise, this article takes effect upon approval by the Governor and applies to tax years beginning after 2020.

 

 

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