South Carolina Enacts Exemption for Motorsports Facilities

Jul 9th, 2018

Effective July 2, 2018, South Carolina enacted a sales and use tax exemption for the construction or improvement of motorsports entertainment complexes by qualifying companies.

The exemption applies to building materials, supplies, fixtures, and equipment used for the construction, repair, or improvement of a motorsports entertainment complex. To claim the exemption, a qualifying company must first apply to the Department of Revenue (DOR). Applications will be approved if they include a practical plan to make a capital investment of at least $10,000,000 on a motorsports entertainment complex in South Carolina within five years. Upon approval, applicants will get an exemption certificate.

After five years, a qualifying company must prove that it has met the capital investment requirement of $10,000,000. Companies that fail to meet the capital investment requirement must pay tax on purchases for which it claimed the exemption.

https://www.ttrus.com/South_Carolina_Enacts_Exemption_for_Motorsports_Facilities