SB 296

Under existing law, the Barber Vintage Motorsports Museum is exempted from paying any state, county, and municipal sales and use taxes with respect to tangible personal property purchased solely for display as a museum exhibit primarily within the confines of the museum property

This bill would exempt the Barber Vintage Motorsports Museum and related entities as defined from any state, county, and municipal sales and use taxes on the purchase of construction material purchased for capital improvements or repairs at the museum or the parks

Under existing law, property of the Barber Vintage Motorsports Museum is exempt from ad valorem tax. The property was formerly leased to the museum by the City of Birmingham for use for museum purposes

This bill would delete references to the lease which are no longer applicable and extend the ad valorem tax exemption to other property that is a part of the museum property, including property owned by related entities

To amend Section 40-9-25.14, relating to the Barber Vintage Motorsports Museum; to exempt the Barber Vintage Motorsports Museum and related entities as defined from payment of state, county, and municipal sales and use taxes on certain purchases of construction material for capital improvements or repairs at the museum or the motorsports park; and to further provide for the exemption from ad valorem tax on property owned by the museum and related entities.

Section 1

Section 40-9-25.14 of the Code of Alabama 1975, is amended to read as follows:

§40-9-25.14.

(a) For the purposes of this section, the term Barber Vintage Motorsports Museum and related entities means the Barber Vintage Motorsports Museum and motorsports park, including property owned by Barber Motorsports Park, LLC, the Barber Motorsports Park 2, LLC, and the Barber Motorsports Park 3, LLC.

(b) The Barber Vintage Motorsports Museum, hereinafter referred to as the Barber Museum, is and related entities are exempted from paying any state, county, and municipal sales and use taxes with respect to on tangible personal property purchased solely for display as a museum exhibit primarily within the confines of the museum property Barber Vintage Motorsports property Museum and on tangible personal property purchased as construction material for capital improvements or repairs at the museum and the motorsports park.

(b)(c) All personal property owned by and all real property leased to that is owned by and a part of the Barber Museum Vintage Motorsports Museum and motorsports park and related entities, including property owned by the Barber Vintage Motorsports Museum and related entities, by the City of Birmingham and improvements thereon, at such time as the leased real property may be purchased by the Barber Museum, and all improvements made subsequent to the purchase, are hereby or shall upon their purchase be exempted from any state, county, and local ad valorem taxation. Provided, however, this exemption shall not apply to any portion of the property that is not used in connection with a part of the organization's museum or motorsports park property or contiguous thereto, operations, or that may be sold to any third party, or that may be leased to any third party for any purpose not connected with the museum or motorsports park operations, nor shall it apply to any real property purchased after July 1, 2006, and added to the Barber Museum complex, except as described herein, nor to any other property owned by the Barber Museum."

Section 2

This act shall become effective immediately following its passage and approval by the Governor, or its otherwise becoming law.