STATEMENT OF ESTIMATED FISCAL IMPACT REVENUE IMPACT 1/ This bill is expected to reduce general fund admissions tax revenue by an estimated $67,500 in FY2013-14. Explanation Currently, pursuant to Section 12-21-2425(B)(1), a motorsport entertainment complex that has a least 60,000 fixed seats for race patrons, has at least three scheduled days of motorsports events each calendar year, and engages in tourism promotion, is eligible to become exempt from remitting one-half of the paid admissions to the complex. This exemption from admissions tax is good for ten years beginning July 1, 2008. In addition, pursuant to Proviso 118.10 in the FY2013-14 Appropriation Act as passed the House of Representatives, operators of motorsport facilities with 60,000 seats are not required to remit admissions tax on the other one-half of the paid admissions to a motorsports entertainment complex. This limitation allows the Darlington Motor Speedway to be exempt from remitting admissions tax revenue to the state, and is currently accounted for in the Board of Economic Advisors’ general fund revenue estimate for FY2013-14. This bill would amend Section 12-21-2425(B)(1) to delete the 60,000 seat limitation and add the requirement that the motorsports entertainment complex a NASCAR sanctioned motor speedway “is or racetrack that hosts at least one race each year featuring the preeminent NASCAR This change would allow cup series”. additional racetracks to qualify for the admissions tax exemption. The National Association of Stock Car Auto Racing (NASCAR) cup series races are made up of a number of series of race circuits. The three largest racing series sanctioned by NASCAR are the Sprint Cup Series (formerly the NASCAR Grand National Series), the Nationwide Series (formerly the NASCAR Busch Grand National Series), and the Camping World Truck Series. It also oversees NASCAR Local Racing, the Whelen Modified Tour, the Whelen All-American Series, and the NASCAR iRacing.com Series. According to NASCAR, the only sanctioned tracks that meet these race series requirements are the Darlington Motor Speedway, the Myrtle Beach Speedway, and the Greenville-Pickens Speedway. The Myrtle Beach Speedway has undergone renovations including a new track surface to run an abbreviated race schedule in late 2012. The speedway has a full schedule of races slated for 2013, including the Myrtle Beach 400 race.
STATEMENT OF ESTIMATED FISCAL IMPACT REVENUE IMPACT 1/ This bill is expected to reduce general fund admissions tax revenue by an estimated $67,500 in FY2013-14. Explanation Currently, pursuant to Section 12-21-2425(B)(1), a motorsport entertainment complex that has a least 60,000 fixed seats for race patrons, has at least three scheduled days of motorsports events each calendar year, and engages in tourism promotion, is eligible to become exempt from remitting one-half of the paid admissions to the complex. This exemption from admissions tax is good for ten years beginning July 1, 2008. In addition, pursuant to Proviso 118.10 in the FY2013-14 Appropriation Act as passed the House of Representatives, operators of motorsport facilities with 60,000 seats are not required to remit admissions tax on the other one-half of the paid admissions to a motorsports entertainment complex. This limitation allows the Darlington Motor Speedway to be exempt from remitting admissions tax revenue to the state, and is currently accounted for in the Board of Economic Advisors’ general fund revenue estimate for FY2013-14. This bill would amend Section 12-21-2425(B)(1) to delete the 60,000 seat limitation and add the requirement that the motorsports entertainment complex “is a NASCAR sanctioned motor speedway or racetrack that hosts at least one race each year featuring the preeminent NASCAR cup series”. This change would allow additional racetracks to qualify for the admissions tax exemption. The National Association of Stock Car Auto Racing (NASCAR) cup series races are made up of a number of series of race circuits. The three largest racing series sanctioned by NASCAR are the Sprint Cup Series (formerly the NASCAR Grand National Series), the Nationwide Series (formerly the NASCAR Busch Grand National Series), and the Camping World Truck Series. It also oversees NASCAR Local Racing, the Whelen Modified Tour, the Whelen All-American Series, and the NASCAR iRacing.com Series. According to NASCAR, the only sanctioned tracks that meet these race series requirements are the Darlington Motor Speedway, the Myrtle Beach Speedway, and the Greenville-Pickens Speedway. The Myrtle Beach Speedway has undergone renovations including a new track surface to run an abbreviated race schedule in late 2012. The speedway has a full schedule of races slated for 2013, including the Myrtle Beach 400 race.
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