2020 South Carolina Code of Laws
Title 12 - Taxation
Chapter 21 - Stamp And Business License Tax
Section 12-21-2425. Motorsports entertainment complex admissions license tax exemption.
(A) In addition to the exemptions allowed from the admissions license tax imposed pursuant to Section 12-21-2420 of the 1976 Code, there is also exempt from that tax for ten years beginning July 1, 2008, one-half of the paid admissions to a motorsports entertainment complex.
(B) For purposes of the exemption allowed by this section, a motorsports entertainment complex means a motorsports facility, and its ancillary grounds and facilities, that satisfies all of the following:
(1) is a NASCAR-sanctioned motor speedway or racetrack that hosted at least one NASCAR Sprint Cup Series race in 2012, and continues to host at least one NASCAR Sprint Cup Series race, or any successor race featuring the same NASCAR Cup series;
(2) has at least three scheduled days of motorsports events, and events ancillary and incidental thereto, each calendar year that are sanctioned by a nationally or internationally recognized governing body of motorsports that establishes an annual schedule of motorsports events;
(3) engages in tourism promotion.
HISTORY: 2008 Act No. 313, Section 5.A, eff July 1, 2008; 2013 Act No. 68, Section 1, eff for tax years beginning after 2012.
Editor's Note
2013 Act No. 68, Section 2, provides as follows:
"SECTION 2. This act [amending subsection (B)(1)] takes effect for tax years beginning after 2012."
Effect of Amendment
The 2013 amendment, rewrote subsection (B)(1). Former subsection (B)(1) read: "(1) has at least sixty thousand fixed seats for race patrons;".
