Nevada and Motorsports UPDATE: A proposed tax exemption designed to lure key players in the motorsports industry to Nevada will cost the state hundreds of thousand dollars annually until a major racing team or sanction organization moves to the Silver State. The sales and use tax exemption provided in Assembly Bill 657, which is expected to be voted on by the Senate Monday, will take about $400,000 from local and state coffers. That figure, which was provided by the state, is the amount it estimates professional teams already based in the state are paying in sales and use taxes(Las Vegas Review Journal)(5-14-2001) UPDATE: The Nevada State Senate voted 15-4 to grant a sales-tax rebate to professional motorsports teams and sanctioning bodies that operate in the state of Nevada. This bill has been approved by both the Nevada State Assembly and Senate. Quote from Chris Powell, executive vice president and general manager of Las Vegas Motor Speedway: “Today’s vote in the Nevada State Senate represents a major step forward for the growth of the motorsports industry in our state. Pending its being signed into law, this legislation can make Nevada a haven for motorsports racing teams and sanctioning bodies — and at the same time bring a tremendous amount of revenue to the state. “As a motorsports-related corporation, we at Las Vegas Motor Speedway plan to work diligently to spread the wordof the new opportunities that await racing businesses in Nevada. Our hope is that we indeed become a mecca for the motorsports industry in the western United States.”(LVMS PR) and see a story at the Las Vegas Review Journal: Senate OKs racing team tax exemption(5-16-2001)
