The Kentucky Tourism Development Finance Authority has approved tax incentives for Kentucky Speedway ahead of their Sprint Cup race on July 9th, 2011, Business First is reporting. The incentive allows the track to recover as much as 25% of development costs through rebates from sales tax generated at the track.
That means that the track will qualify for as much as $20.5 million in performance-based rebates over a 10-year period, based on an investment of $82 million.
Kentucky is expaning the grandstands, parking and camping ahead of their Sprint Cup race. The Associated Press also covered the story.