Lawmakers rally around protecting NASCAR's favorable tax treatment: Stuffed in a package of proposed corporate tax breaks the Senate passed Tuesday is an order to the Internal Revenue Service: Don't start treating NASCAR as if it's something other than a carnival ride. For three decades, the owners of NASCAR tracks have built new grandstands and added restrooms or concessions using a seven-year depreciation schedule, an arrangement also enjoyed by amusement park owners. But given the actual life of such grandstands, the IRS has begun challenging whether race tracks and amusement parks should be treated the same. Recently, the agency has been telling track owners they should use depreciation periods of 15 years or more, which would reduce their tax deductions by half on an annual basis. They still could recoup their investment, but it would take twice as long. NASCAR leaders are saying they aren't seeking anything special; they than just want the tax treatment they've enjoyed in the past put into law. - AP/The Miami Herald
