South Carolina Bill to Aid the Construction of Motorsports Complexes Signed into Law
With Governor Henry McMaster’s signature, legislation (H.B. 4009) aiding and incentivizing the construction of motorsports complexes became law. By passing the bill, the legislature recognizes the important economic and civic value that additional motorsports can provide. The new law will help pave the way 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 to provides the process by which a qualified company may claim the exemption.
Thank you to those who supported this bill.