Planning for a Formula 1 race at Hard Rock Stadium continues, as Miami Dolphins owner Stephen Ross lobbies state lawmakers for a requested tax break.
In October, it was revealed that F-1 and Hard Rock Stadium had reached an agreement to stage annual racing on the venue’s grounds beginning in May 2021. With planning for the event unfolding, Ross has lobbyists working to secure a state tax break that would exempt tickets to a Formula One Grand Prix race, as well as any qualifying and support races, from admissions tax.
The tax break has not been granted to this point, though Florida lawmakers have been exploring the idea. More from the Sun-Sentinel:
Ron Book, a lobbyist who represents Ross’ Hard Rock Stadium, said Formula One asked local race promoters to pursue the state tax break. Formula One plans to hold its first Miami Grand Prix in May 2021, though some local opponents — primarily residents living near the stadium worried about traffic — have sued in hopes of blocking it.
Book said the tax break is meant as an incentive to ensure the race becomes an annual stop on the Formula One circuit….
The Formula One ticket tax break hasn’t been attached to any bills moving through the Legislature yet. But it appears to have some support in Tallahassee, where legislative leaders recently asked a group of state economists to analyze the idea.
Using an estimated average ticket price of $255, those economists concluded that the tax break could cost the state between $1.5 million and $2 million each time the event is held.
Florida has granted similar tax breaks to previous major sporting events, ranging from Super Bowls to individual league All-Star Games. The privately owned Hard Rock Stadium has undergone hundreds of millions of renovations led by Ross in recent years, with its slate of events broadening in the process to include those such as tennis’s annual Miami Open.
Renderings courtesy Miami Dolphins.