New Rebate Regulation for Raceways in Iowa

Wednesday, November 28th, 2018

 
 
Raceway marshal marking laps on a raceway.
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Iowa has recently adopted a regulation addressing the sales tax rebate for owners or operators of qualifying raceway facilities in the state.

Owners or operators of qualifying raceways may get a rebate for tax on sales occurring at the raceway facility between January 1, 2015 and January 1, 2025. Generally, sales occur at the raceway facility if they occur within the boundaries of the raceway facility portion of the fairgrounds and are sourced to the raceway.

The maximum rebate is limited to either (1) $1.8 million, or (2) project costs incurred and paid between May 16, 2018 and January 1, 2025, whichever is less. "Project costs" are costs incurred and paid in connection with the construction and installation of new property or of modifications to existing property. That property must be a part of the raceway facility.

https://www.ttrus.com/NewRebateRegulationforRacewaysinIowa


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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.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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