Title 12, Taxation

Pursuant to 2024 Act No. 169, SECTION 1, this section is effective until December 31, 2035. For the purposes of this chapter, unless the context requires otherwise: (1) "Abandoned building" means a building or structure, which clearly may be delineated from other buildings or str…

Section effective until December 31, 2035. (A) This chapter only applies to abandoned building sites or phases or portions thereof put into operation in which a taxpayer incurs the following rehabilitation expenses: (1) more than two hundred fifty thousand dollars for buildings l…

Section effective until December 31, 2035. (A) Subject to the terms and conditions of this chapter, a taxpayer who rehabilitates an abandoned building is eligible for either: (1) a credit against income taxes imposed pursuant to Chapter 6 and Chapter 11 of this title, corporate l…

Section effective until December 31, 2035. The provisions of Chapter 31, Title 6 also apply to this chapter, except that the requirements of Section 6-31-40 do not apply.

Pursuant to 2024 Act No. 169, SECTION 1, this section is effective until December 31, 2035. (A) Notwithstanding any other provision of law, the taxpayer may apply to the municipality or county in which the abandoned building is located for a certification of the abandoned buildin…

Section effective until December 31, 2035. Notwithstanding any other provision of this chapter, if a taxpayer files a notice of intent to rehabilitate and has been rehabilitating an abandoned building continuously for the preceding year and is more than sixty percent complete, th…

This chapter may be cited as the "Motorsports Entertainment Complex Investment Act".

For purposes of this chapter: (1) "Company" means any corporation, partnership, limited liability company, or other business entity. (2) "Department" means the Department of Revenue. (3) "Motorsports entertainment complex" has the same meaning as provided in Section 12-21-2425.

(A) A company, upon making application for, meeting the requirements of, and receiving written certification of that designation from the department, as provided in subsection (B), is exempt from state and local sales tax on building materials, supplies, fixtures, and equipment f…