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Sounds like the man means business 
Bristol Article
BMS could lose both NASCAR races if Sullivan enacts tax
BY RICK WAGNER
BRISTOL HERALD COURIER
Wednesday, April 23, 2003 Printer-Friendly Version
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Bristol Motor Speedway could lose both its NASCAR race weekends if Sullivan County enacts an entertainment tax that applies to race tickets, Speedway Motorsports head Bruton Smith said Tuesday.
"If we can be taxed out of business, you know what will happen. It's not going to be a threat, it's going to be something that will happen," he said. "We will do anything to prevent it that we can, taking a drastic measure of even moving."
Smith is chief executive officer and chairman of the board of Speedway Motorsports, which owns the Bristol track and five others.
He was responding to discussion of a 10 percent countywide entertainment tax put forth by County Commissioner Mark Vance of Bristol. The discussion came during a county committee meeting in Blountville Monday.
According to estimates from the Bristol Chamber of Commerce, the Bristol track has a $397 million direct impact per year on the region's economy and a more than $1.79 billion indirect annual impact.
Race tickets already are subject to state and local sales tax of 9.25 percent, and that tax is included in a ticket's face value.
At a minimum, Smith said, the track would lose at least one major race to another Speedway Motorsports-owned track if the county enacted an entertainment tax; however, he said the company otherwise had "no plans at this time to move" races from Bristol.
Smith said he recently visited the governor and lawmakers in Georgia and that officials there urged him to move any available race dates to the Atlanta track.
"It's a slippery slope," County Executive Richard Venable said Tuesday, repeating his Monday opposition to an entertainment tax.
Such a tax could have unintended consequences -- affecting things like Kingsport's Fun Fest concerts and other entertainment events requiring paid tickets, Venable said.
"I hope it's nothing more than speculation, idle speculation," he said.
Vance, the county commissioner, said he received a lot of calls Tuesday from people concerned about losing race revenue and emphasized that he would not support an entertainment tax if it meant losing any races at Bristol.
But he added that all options must be explored because property owners and business owners simply can't afford a property tax increase.
"It was just a suggestion of something to explore," Vance said Tuesday of efforts to make up revenue shortfalls at the county Highway Department.
Last month, the commission voted to allow use of at least $130,000 in funds earmarked for a swinging bridge restoration to bring the department back to 40 hours a week after the work week was cut to 36 hours to save money and avoid layoffs.
"The Highway Department may have to lay off 30 or 40 or 50 people," Vance said. "When it comes to losing jobs, you have to explore all options."
On the other hand, Smith, the Speedway Motorsports chief, said he cannot understand why an operation that's already the county's second-largest taxpayer would be a target for more taxes.
"If Mr. Vance was real serious about this, maybe he doesn't understand the track," Smith said. "I think that Bristol Motor Speedway is doing far more than any company there as far as bringing money into the state.
"I was just thinking that everybody liked us up there, but maybe this Mark Vance doesn't."
During the Monday Executive Committee budget meeting, Vance said the county should look at alternative revenue sources like a 10 percent entertainment tax or a rural wheel tax on vehicles registered outside the cities.
Vance estimated the tax would generate $2.5 million a year.
Bristol Article
BMS could lose both NASCAR races if Sullivan enacts tax
BY RICK WAGNER
BRISTOL HERALD COURIER
Wednesday, April 23, 2003 Printer-Friendly Version
Email This Story
Bristol Motor Speedway could lose both its NASCAR race weekends if Sullivan County enacts an entertainment tax that applies to race tickets, Speedway Motorsports head Bruton Smith said Tuesday.
"If we can be taxed out of business, you know what will happen. It's not going to be a threat, it's going to be something that will happen," he said. "We will do anything to prevent it that we can, taking a drastic measure of even moving."
Smith is chief executive officer and chairman of the board of Speedway Motorsports, which owns the Bristol track and five others.
He was responding to discussion of a 10 percent countywide entertainment tax put forth by County Commissioner Mark Vance of Bristol. The discussion came during a county committee meeting in Blountville Monday.
According to estimates from the Bristol Chamber of Commerce, the Bristol track has a $397 million direct impact per year on the region's economy and a more than $1.79 billion indirect annual impact.
Race tickets already are subject to state and local sales tax of 9.25 percent, and that tax is included in a ticket's face value.
At a minimum, Smith said, the track would lose at least one major race to another Speedway Motorsports-owned track if the county enacted an entertainment tax; however, he said the company otherwise had "no plans at this time to move" races from Bristol.
Smith said he recently visited the governor and lawmakers in Georgia and that officials there urged him to move any available race dates to the Atlanta track.
"It's a slippery slope," County Executive Richard Venable said Tuesday, repeating his Monday opposition to an entertainment tax.
Such a tax could have unintended consequences -- affecting things like Kingsport's Fun Fest concerts and other entertainment events requiring paid tickets, Venable said.
"I hope it's nothing more than speculation, idle speculation," he said.
Vance, the county commissioner, said he received a lot of calls Tuesday from people concerned about losing race revenue and emphasized that he would not support an entertainment tax if it meant losing any races at Bristol.
But he added that all options must be explored because property owners and business owners simply can't afford a property tax increase.
"It was just a suggestion of something to explore," Vance said Tuesday of efforts to make up revenue shortfalls at the county Highway Department.
Last month, the commission voted to allow use of at least $130,000 in funds earmarked for a swinging bridge restoration to bring the department back to 40 hours a week after the work week was cut to 36 hours to save money and avoid layoffs.
"The Highway Department may have to lay off 30 or 40 or 50 people," Vance said. "When it comes to losing jobs, you have to explore all options."
On the other hand, Smith, the Speedway Motorsports chief, said he cannot understand why an operation that's already the county's second-largest taxpayer would be a target for more taxes.
"If Mr. Vance was real serious about this, maybe he doesn't understand the track," Smith said. "I think that Bristol Motor Speedway is doing far more than any company there as far as bringing money into the state.
"I was just thinking that everybody liked us up there, but maybe this Mark Vance doesn't."
During the Monday Executive Committee budget meeting, Vance said the county should look at alternative revenue sources like a 10 percent entertainment tax or a rural wheel tax on vehicles registered outside the cities.
Vance estimated the tax would generate $2.5 million a year.
I think he's commited "Political Suicide". Do you even have a clue how many jobs are at risk, and the negative financial impact this would have on such a small area?