Nevada Revised Statutes Section 374.323 - Revenue and Taxation

Engines, chassis, parts and components of professional racing vehicles; certain vehicles used by professional racing team or sanctioning body. [Effective through December 31, 2005.]

1. There are exempted from the taxes imposed by this chapter the gross receipts from the sale, furnishing or service of, and the storage, use or other consumption in this State of:

(a) All engines and chassis of a professional racing vehicle;

(b) All parts and components that are used to replace or rebuild existing parts or components of any engine or chassis of a professional racing vehicle;

(c) All motor vehicles used by professional racing teams to transport professional racing vehicles or to transport parts or components of professional racing vehicles, including, without limitation, an engine and chassis of a professional racing vehicle; and

(d) All motor vehicles used by a professional racing team or sanctioning body to transport the business office of the professional racing team or sanctioning body or to transport a facility from which hospitality services are provided.

2. As used in this section:

(a) “Professional racing team” means a racing operation that qualifies for the taxable year as an activity engaged in for profit pursuant to the Internal Revenue Code, Title 26 of the United States Code.

(b) “Professional racing motor vehicle” means any motor vehicle which is used in a professional racing competition and which is owned, leased or operated by a professional racing team.

(c) “Sanctioning body” means an organization that establishes an annual schedule of professional racing events in which professional racing teams participate, grants rights to conduct such events and establishes and administers rules and regulations governing the persons who conduct or participate in such events.

Last modified: February 27, 2006