|Hagan, Burr Cosponsor Bill to Give Tax Breaks to Race Tracks|
|Written by Adam Hicks|
|Monday, 13 July 2009 12:14|
Senator Kay Hagan and Senator Richard Burr cosponsored a bill last week called the Motorsports Fairness and Permanency Act.
According to Hagan’s office the legislation will give tax benefits to motorsports entertainment facilities, which in turn hopes to effectively plan venue improvements.
The bill is also believed to help North Carolina’s stock car industry to flourish and hopes to ensure it will continue to be a significant contributor to the state’s economy.
According to the senator, North Carolina’s motorsports industry has an annual impact of more than a $5 billion impact and generates over 24,400 jobs.
In a released statement, NASCAR legend Junior Johnson said, “North Carolina has a longstanding history in motorsports and Senator Kay Hagan’s support of this bill will help to ensure racetracks throughout North Carolina and across the country can continue to reinvest in the jobs and facilities that are so important to the people and communities involved in racing.”
NASCAR team owner Richard Childress added, “I'd like to thank Senator Kay Hagan and the other members of the United States Senate who were involved with sponsoring the Motorsports Fairness and Permanency Act. Senator Hagan and the others stepped forward in a big way and the result of their efforts in getting the bill passed will be a great benefit to the motorsports industry throughout the United States.”
An earlier law allowed racetracks a seven-year depreciation period, but only for facilities that opened before December 31, 2009. Congress gave tracks the ability to deduct their property’s depreciation value from their yearly taxes. If passed into law, the new Senate bill would make this tax benefit permanent, giving tracks the same tax treatment as amusement parks and other entertainment facilities.
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