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DIGEST OF INTRODUCED BILL
Professional motor sports; license plates. Specifies that a business primarily focused on professional motor vehicle racing is eligible for certification as a qualified Indiana business for purposes of the venture capital investment tax credit. Repeals the provision specifying that a taxpayer is not entitled to the venture capital investment tax credit after December 31, 2008. Expands the state gross retail tax exemption for tangible personal property used by professional motor vehicle racing teams. Includes a motor sports team or a professional sports franchise within the definition of a special group for purposes of issuing license plates. Provides for the issuance of motor sports and professional sports teams license plates (plates) as special group recognition plates and personalized license plates. Establishes the Indiana capital projects trust fund (fund). Requires that a certain fee collected for the plates be deposited in the fund and that the fund be used for capital projects. Repeals the political contribution paid at the time of an application or renewal for a personalized license plate and provides for a state fee to be paid at the time of application or renewal of a personalized license plate. Provides that certain special group recognition plates have certain sales requirements in order for the special group recognition plates to continue to be issued. Repeals expired sections of the Indiana Code.