State Passes Law Aiding Construction of Motorsports Complexes
With South Carolina Gov. Henry McMaster’s signature, legislation aiding and incentivizing the construction of motorsports complexes has become law.
By passing the bill, the legislature recognizes the important economic and civic value that additional motorsports can provide, according to SEMA Action Network (SAN).
The new law will help pave the way for new racing facilities in the state. A motorsports tourism incentive fund will be created to award grants or loans to attract and expand tourism and hospitality projects related to events at such complexes.
The new law exempts certain building materials for a complex from the sales tax and provides the process by which a qualified company may claim the exemption.