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A bipartisan bill, the Motorsports Fairness and Permanency Act (H.R. 2231), has been reintroduced in the U.S. House of Representatives by Rep. Claudia Tenney (R-NY). The bill seeks to permanently extend a crucial tax incentive for motorsports entertainment complexes, helping race tracks across the country invest in long-term improvements.
Currently, the tax incentive allows race tracks to depreciate investments over a seven-year period, as set by the Tax Cuts and Jobs Act of 2017. However, the incentive is set to expire on December 31, 2025, and without legislative action, the depreciation period will revert to 29 years, creating uncertainty for race track owners. The proposed bill would make the incentive permanent, providing stability for businesses to plan capital investments.
The bill is supported by industry groups, and cosponsored by Representatives Mike Thompson (D-CA), Richard Hudson (R-NC), Terri Sewell (D-AL), Rudy Yakym (R-IN), and Debbie Wasserman Schultz (D-FL).
The incentive applies to various capital expenditures, including track surfaces, grandstands, hospitality facilities, and parking lots, but does not cover administrative services or transportation equipment. If passed, the Motorsports Fairness and Permanency Act would ensure race tracks remain competitive and sustainable, contributing to the local economy.
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