DIGEST OF SB69 (Updated December 30, 2012 10:55 am - DI yl)
Allows the establishment of a professional motorsports development area (PMDA) in the town of Speedway. Provides that the budget committee must review and make a recommendation to the budget agency regarding a resolution establishing a PMDA. Specifies that the budget agency must approve the resolution before revenues may be allocated. Allows for allocation to the town of state sales tax, state individual income tax, county option income tax, and admissions taxes attributable to a taxable event in the PMDA or earned in the PMDA. Authorizes the budget agency to determine and impose a base amount, for each of the covered taxes, that will not be allocated to the town. Specifies the permissible uses of covered taxes allocated to the town.