'Fiscal Cliff' Deal Includes 'NASCAR Tax Credit'

dpkimmel2001

dpkimmel2001

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It'll probably end up getting moved but it is NASCAR related.
The "fiscal cliff" deal reached by the Senate and the White House on New Year's Eve, and passed in legislative form by the Senate early New Year's Day, includes many giveaways to special interests--including an extension of a perk enjoyed by "motorsports entertainment complexes" otherwise known as the "NASCAR tax credit."

The provision, under section 168(i)(15) of the federal tax code, allows speedways to write off their costs over seven years. Typically, such expensing occurs over a much longer period of time, from 15 to 39 years. The cost of the NASCAR tax credit to taxpayers has been estimated at some $40 million--over and above any tax incentives provided by state and local authorities.
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From here.

Some history on this here.
 
MOEJOE said:
Milk in my fridge, racing on TV, corn in my gas tank, all subsidised.

How do I go about getting lawn care subsidised?
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lol That's so damn true. Getting gov't subsidies is the golden goose for many industries today.
 
FenderBumper said:
lol That's so damn true. Getting gov't subsidies is the golden goose for many industries today.
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Don't forget Rum makers and Algae growers too.Plus electric motorcycle makers.Seen all the earlier on Fox while I was at the gym.
 
More on this.....

Buried in the 154-page American Taxpayer Relief Act of 2012 was a section renewing 31 business tax extenders, including a seven-year recovery period for motorsports entertainment complexes. The extension allows car, truck and motorcycle racing facilities across the nation to continue fully depreciating new capital assets  such as grandstands, concession stands and parking lots  over seven years. And that could be good news for the Daytona Beach area economy, an International Speedway Corp. official said Wednesday. It's a "very positive development," said Dan Houser, the company's chief financial officer, especially given the changes being proposed at the ISC-owned Daytona International Speedway. Last year, Speedway officials announced plans for a massive renovation and expansion on their 663-acre complex, including the demolition and reconstruction of the grandstands, and an entertainment complex that could include up to 2 million square feet of retail space, nightclubs and movie theaters. The measure helps keep ISC's plans on track, lessening the upfront tax hit of new construction.

From jayski
 
Sounds like I need to qualify my mowers as race grounds equipment. All I need to do is buy a race track
 
dpkimmel2001 said:
More on this.....

Buried in the 154-page American Taxpayer Relief Act of 2012 was a section renewing 31 business tax extenders, including a seven-year recovery period for motorsports entertainment complexes. The extension allows car, truck and motorcycle racing facilities across the nation to continue fully depreciating new capital assets  such as grandstands, concession stands and parking lots  over seven years. And that could be good news for the Daytona Beach area economy, an International Speedway Corp. official said Wednesday. It's a "very positive development," said Dan Houser, the company's chief financial officer, especially given the changes being proposed at the ISC-owned Daytona International Speedway. Last year, Speedway officials announced plans for a massive renovation and expansion on their 663-acre complex, including the demolition and reconstruction of the grandstands, and an entertainment complex that could include up to 2 million square feet of retail space, nightclubs and movie theaters. The measure helps keep ISC's plans on track, lessening the upfront tax hit of new construction.

From jayski
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It allows for depreciation of tracks and improvements on a seven year basis instead of a 15-39 year basis.
 
Tax breaks for improvements in racing facilities is not necessarily a bad thing. If a track owner is motivated to upgrade a facility, it will provide jobs for local workers and revenue for material providers. And better facilities will attract more customers - which will help the local economies thru increased hotel and restaraunt revenues.

The track at Vegas is a great example as to how a more "fan-friendly" facility can increase patronage.
 
robbybee said:
Tax breaks for improvements in racing facilities is not necessarily a bad thing. If a track owner is motivated to upgrade a facility, it will provide jobs for local workers and revenue for material providers. And better facilities will attract more customers - which will help the local economies thru increased hotel and restaraunt revenues.

The track at Vegas is a great example as to how a more "fan-friendly" facility can increase patronage.
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Agreed.

This tax credit is nothing more than an extension of tax credits every other entertainment complex is entitled to. Why should a racetrack be any different from an amusement park or a ballpark?
 
Cutting taxes for rich people didn't work at all and nearly destroyed the economy. So clearly, what we should do is cut taxes for rich people.:)
 
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