Bill Text: NJ S1329 | 2012-2013 | Regular Session | Introduced
Bill Title: Provides sales and use tax rebate on supplies and materials purchased for the construction or reconstruction of certain horse racetrack grandstands.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2012-04-25 - Reviewed by the Sales Tax Review Commission Recommend to enact [S1329 Detail]
Download: New_Jersey-2012-S1329-Introduced.html
Sponsored by:
Senator JENNIFER BECK
District 11 (Monmouth)
SYNOPSIS
Provides sales and use tax rebate on supplies and materials purchased for the construction or reconstruction of certain horse racetrack grandstands.
CURRENT VERSION OF TEXT
As introduced.
An Act providing a sales and use tax rebate for supplies and materials purchased for the construction or reconstruction of certain horse racetrack grandstands, supplementing P.L.1966, c.30 (C.54:32B-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Receipts from sales of supplies and materials used directly and exclusively for the construction or reconstruction of a grandstand or other similar seating structure contiguous to a racetrack for the holding of horseracing events, that is currently or formerly owned by the New Jersey Sports and Exposition Authority pursuant to paragraphs (1) and (5) of subsection a. of P.L.1971, c.137 (C.5:10-6), shall be eligible for a rebate from the tax imposed under the "Sales and Use Tax Act," P.L.1966, c.30 (C.54:32B-1 et. seq.) if such sales of supplies and materials are made on or after the date of enactment of P.L. c. , (C. ) (pending before the Legislature as this bill) but before January 1, 2014.
b. Notwithstanding the provisions of subsection a. of this section, the seller shall charge and collect from the purchaser of those supplies and materials the tax at the rate then in effect, and the tax shall be returned to the purchaser as a rebate by the director within 90 days of the date a claim for rebate is made and filed with the director.
c. The Director of the Division of Taxation in the Department of the Treasury shall prescribe rules and regulations as are necessary to carry out the provisions of this section, in accordance with the "Administrative Procedures Act," P.L.1968, c.410 (C.52:14B-1 et seq.), including but not limited to: proof of claim for rebate and the time period to file a claim.
2. This act shall take effect immediately.
STATEMENT
This bill provides for a rebate of the sales and use taxes paid by purchasers of supplies and materials which are used for the construction or reconstruction of horse racetrack grandstands which are currently or formerly owned by the New Jersey Sports and Exposition Authority.
Under the provisions of this bill, sellers will charge and collect from purchasers of those supplies and materials the tax at the rate then in effect, and the tax will be returned to the purchaser as a rebate by the Director of the Division of Taxation within 90 days of the date a claim for rebate is made and filed with the director. The bill requires the director to prescribe rules and regulations as are necessary to carry out the provisions of this act, including but not limited to: proof of claim for rebate and the time period to file a claim.
The purpose of this bill is to facilitate the construction of horse racetrack grandstands to spur economic development at racetracks that are currently or formerly owned by the New Jersey Sports and Exposition Authority. The sponsor's intent is to spur the development at the Meadowlands Racetrack and Monmouth Park by a private operator under a plan approved by the New Jersey Sports and Exposition Authority. The new and improved seating at the Meadowlands Racetrack and Monmouth Park will help the horseracing events at those tracks better compete with New York state racinos.
