Bailout Bill Includes Tax Breaks For NASCAR Tracks, Facilities
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Financial Services Bailout Bill Allows NASCAR
Tracks To Write Off Capital Investments |
A tax break for NASCAR tracks and other motorsports facilities is "among the 'sweeteners' tucked inside a 450-page financial services bailout bill to make the package more palatable to lawmakers," according to Lisa Zagaroli of the CHARLOTTE OBSERVER. One "sweetener extends for two years a tax policy that expired in December 2007 classifying motorsports facilities as amusement parks and other entertainment complexes." That classification "allows tracks to write off their capital investments over a seven-year period." The motorsport industry "feared that without a specific clarification in law, they would be required to depreciate their capital investment over 15 years or longer because of a recent [IRS] inquiry into the matter." The provision "would reduce their overall tax bill in the years immediately following their investment." SMI Exec VP/Communications Lauri Wilks said, "It gives us incentive to go ahead and invest in our facilities" (CHARLOTTE OBSERVER, 10/3).
NO ADDED INCENTIVE: In Charlotte, Adam Bell noted no new talks are scheduled to "try to end a standoff" between SMI Chair & CEO Bruton Smith and Cabarrus County, North Carolina, leaders over Smith's $80M incentives package for Lowe's Motor Speedway (LMS). SMI's "apparent decision to pull out of efforts to bring a [PGA] tournament to the county has some local officials worried how the incentives impasse is affecting the community." In April, LMS officials said that they "had begun preliminary work to add a PGA Nationwide Tour event in 2009 around the time of the fall NASCAR race." Jeff Austin, the GM at The Club at Irish Creek, in Kannapolis, North Carolina, said that an SMI official "told him last month the company would no longer be involved with trying to land the event for 2009, because of current economic conditions" (CHARLOTTE OBSERVER, 10/3).
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