(1) The organizing entity of a qualified athletic event that sells corporate sponsor contracts for the event that include both taxable tangible personal property and services may exempt the retail sale of the taxable tangible personal property if all of the following criteria have been met:
(a) The organizing entity is exempt or is wholly owned by an entity exempt under section 501(c)(6) of the internal revenue code, 26 USC 501.
(b) The organizing entity provided both of the following to the department at least 60 days in advance of entering into the first corporate sponsor contract:
(i) Written notice of its intent to enter into corporate sponsor contracts.
(ii) An itemized schedule of the tangible personal property and services that will be provided under each corporate sponsor contract.
(c) The department has given written approval to the organizing entity.
(2) As used in this section, "qualified athletic event" means 1 or more of the following:
(a) A professional sporting competition in which individuals officially representing at least 2 countries or nations compete.
(b) A professional football competition in which teams compete in a postseason event to determine the league champion.
(c) A professional golfers' association competition in which individuals compete in an event to determine a champion.
(d) A collegiate basketball competition in which teams compete in a postseason event to determine the national champion.
(e) A collegiate hockey competition in which teams compete in a postseason event to determine the national champion.
(3) This section is repealed effective January 1, 2011.
History: Add. 2006, Act 590, Imd. Eff. Jan. 3, 2007 Compiler's Notes: Former MCL 205.55b, which pertained to qualified athletic event, was repealed by MCL 205.55b(3) of 2004 PA 173, Eff. Jan. 1, 2007. MCL 205.55b was amended by 2006 PA 590, Imd. Eff. Jan. 3, 2007.
(1) The organizing entity of a qualified athletic event that sells corporate sponsor contracts for the event that include both taxable tangible personal property and services may exempt the retail sale of the taxable tangible personal property if all of the following criteria have been met:
(a) The organizing entity is exempt or is wholly owned by an entity exempt under section 501(c)(6) of the internal revenue code, 26 USC 501.
(b) The organizing entity provided both of the following to the department at least 60 days in advance of entering into the first corporate sponsor contract:
(i) Written notice of its intent to enter into corporate sponsor contracts.
(ii) An itemized schedule of the tangible personal property and services that will be provided under each corporate sponsor contract.
(c) The department has given written approval to the organizing entity.
(2) As used in this section, "qualified athletic event" means 1 or more of the following:
(a) A professional sporting competition in which individuals officially representing at least 2 countries or nations compete.
(b) A professional football competition in which teams compete in a postseason event to determine the league champion.
(c) A professional golfers' association competition in which individuals compete in an event to determine a champion.
(d) A collegiate basketball competition in which teams compete in a postseason event to determine the national champion.
(e) A collegiate hockey competition in which teams compete in a postseason event to determine the national champion.
(3) This section is repealed effective January 1, 2011.
History: Add. 2006, Act 590, Imd. Eff. Jan. 3, 2007 Compiler's Notes: Former MCL 205.55b, which pertained to qualified athletic event, was repealed by MCL 205.55b(3) of 2004 PA 173, Eff. Jan. 1, 2007. MCL 205.55b was amended by 2006 PA 590, Imd. Eff. Jan. 3, 2007.
(1) The organizing entity of a qualified athletic event that sells corporate sponsor contracts for the event that include both taxable tangible personal property and services may exempt the retail sale of the taxable tangible personal property if all of the following criteria have been met:
(a) The organizing entity is exempt or is wholly owned by an entity exempt under section 501(c)(6) of the internal revenue code, 26 USC 501.
(b) The organizing entity provided both of the following to the department at least 60 days in advance of entering into the first corporate sponsor contract:
(i) Written notice of its intent to enter into corporate sponsor contracts.
(ii) An itemized schedule of the tangible personal property and services that will be provided under each corporate sponsor contract.
(c) The department has given written approval to the organizing entity.
(2) As used in this section, "qualified athletic event" means 1 or more of the following:
(a) A professional sporting competition in which individuals officially representing at least 2 countries or nations compete.
(b) A professional football competition in which teams compete in a postseason event to determine the league champion.
(c) A professional golfers' association competition in which individuals compete in an event to determine a champion.
(d) A collegiate basketball competition in which teams compete in a postseason event to determine the national champion.
(e) A collegiate hockey competition in which teams compete in a postseason event to determine the national champion.
(3) This section is repealed effective January 1, 2011.
History: Add. 2006, Act 590, Imd. Eff. Jan. 3, 2007 Compiler's Notes: Former MCL 205.55b, which pertained to qualified athletic event, was repealed by MCL 205.55b(3) of 2004 PA 173, Eff. Jan. 1, 2007. MCL 205.55b was amended by 2006 PA 590, Imd. Eff. Jan. 3, 2007.
