South Carolina Enacts Exemption for Motorsports Facilities

Monday, July 9th, 2018

 
 
Race car on motorway facility.
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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


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TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

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