Creates a new tax district in Richmond County consisting of the property occupied by the Rockingham Speedway to be called Richmond County District R. The District is a body politic and corporate. Provides for the governance of that district by the Richmond County Board of Commissioners. Authorizes the Richmond County District R governing body to levy a prepared food and beverages tax of up to 10% by resolution and after 10 days of public notice and a public hearing. Specifies seven exemptions. Directs retailers to collect the tax and the governing body of the district to administer the tax. Provides for refunds to nonprofit or governmental entities of the tax paid by those entities. Allows the governing body of the district to deduct up to 3% of the gross proceeds for administering and collecting the tax; the remaining proceeds are to be used for specified functions related to the speedway and to promote travel and tourism in the district. Provides for repeal of the tax.