SB 467 — Creating WV Motorsports Entertainment Complex Investment Act

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Red = new code to be enacted WEST virginia legislature regular session IntroducedCommittee Substitute for Senate Bill 467 By Senators Maynard and Phillips [Introduced[Originating Januaryin 24,the 2022;Committee on Economic Development;

referredreported on February 16, 2022]     A BILL to amend the CommitteeCode onof Education;West Virginia, 1931, as amended, by adding thereto a new article, designated §11-29-1, §11-29-2, §11-29-3, §11-29-4, §11-29-5, and §11-29-6, all relating to establishing the West Virginia Motorsports Entertainment Complex Investment Act;

and then to the Committee on Finance] A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §11-29-1, §11-29-2, §11-29-3, §11-29-4, and §11-29-5, all relating to creating the West Virginia Motorsports Entertainment Complex Investment Act;

givingdefining definitions;terms;

creating a tax exemption;

andgranting providingrulemaking forauthority; an effective date.

and providing effective date.

The Legislature finds that motorsports is a popular spectator sportsport, the growth of which holds potential for significant economic impact by providing additional entertainment venues for West Virginia citizens and for creating tourist destinations.

“Motorsports entertainment complex” means a motorsports facility, and its ancillary grounds and facilities, that is designed to qualify as an official motor speedway or racetrack.

(a) A company currently operating, or upon making application for, meeting the requirements of, and receiving written certification of that designation from the department, as provided in subsection (b) of this section, is exempt from state and local sales tax on building materials, supplies, fixtures, and equipment for the construction, repair, or improvement of or that become a part of a motorsports entertainment complex.

Rulemaking authority.

The State Tax Commissioner may propose rules for legislative approval in accordance with the provisions of §29A-3-1 et seq.

of this code, to implement and effectuate the provisions of this article the powers and authority conferred, and the duties imposed upon the commission under the provisions of this article.

§11-29-6.

Except where specified otherwise, this article takesshall effectbe effective upon approval by the Governor and applies to tax years beginning after 2022.