Sales and Use Tax Law: exemption: fairgrounds.
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Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill, the Fairground Act for Investment and Revitalization, creates a sales and use tax exemption for certain construction and development projects located on California fairgrounds. Starting in 2027, and before 2032, the exemption applies to the purchase of tangible personal property used in the construction, development, or ongoing operation of qualifying projects approved by a fairground governing body. This aims to encourage private investment and economic development at fairgrounds, but the exemption does not apply to local sales and use taxes or funds deposited into the Local Revenue Fund 2011.
Key provisions
- Creates a sales and use tax exemption for tangible personal property used in qualifying projects at fairgrounds.
- The exemption applies to construction, development, and ongoing operation of projects approved by fairground governing bodies.
- The exemption is limited to projects undertaken between January 1, 2027, and January 1, 2032.
- The exemption does not apply to local sales and use taxes.
- The exemption does not apply to revenues deposited into the Local Revenue Fund 2011.
- Requires fairground governing bodies to approve projects for a maximum of 20 years, with potential for extensions.
- Establishes requirements for exemption certificates and retailer record-keeping.
- Requires a performance evaluation of the exemption by December 1, 2031.
Who is affected
- Fairgrounds and their governing bodies
Bill text
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Sponsors
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6 on record
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