Provides tax exemptions for certain receipts involving sporting events sponsored by an international federation recognized by the International.

This bill provides tax exemptions for certain receipts involving sporting events sponsored by an international federation recognized by the International Olympic Committee. It defines "covered event" and "covered organization" and specifies that receipts from and the use of tangible personal property and taxable services purchased for official use in connection with a covered event shall be exempt from the tax on retail sales and the compensating use tax. The commissioner of taxation and finance shall promulgate rules for designation of a covered event and verification of accredited status.

Provides tax exemptions for certain receipts involving sporting events sponsored by an international federation recognized by the International.

This bill provides tax exemptions for certain receipts involving sporting events sponsored by an international federation recognized by the International Olympic Committee. It defines "covered event" and "covered organization" and specifies that receipts from and the use of tangible personal property and taxable services purchased for official use in connection with a covered event shall be exempt from the tax on retail sales and the compensating use tax. The commissioner of taxation and finance shall promulgate rules for designation of a covered event and verification of accredited status.