Published on October 3rd, 2008 | by Michael J Smith2
Bailout Bill Extends Tax Bill For NASCAR Tracks
After the House rejected the $700 billion bailout bill, Senate lawmakers added several “sweeteners” to encourage more lawmakers to approve it.
McClatchy is reporting that the Senate bill would extend a tax policy that expired in December that allowed motorsports facilities, including NASCAR tracks, to be treated like amusement parks, for tax purposes. The rule allowed them to write off their capital investments over a seven-year period.
The industry was worried that they would be required to depreciate their capital over 15 years or longer. As a result, track repaving and new concession stands would be more expensive because while the same amount would be paid, the rule allowed the amount to be paid over a long time.