Motorsports facilities get tax break

Track operators got the tax break they've been waiting for all year when the U.S. Senate on Tuesday passed a tax extenders package for the remainder of 2014. Included in the extensive list of tax breaks to be continued was a provision that allows motorsports facilities to depreciate new construction over seven years instead of the life of the project, which typically is 25 years or more. The congressional Joint Committee on Taxation estimates the provision will result in an $11 million tax break for motorsports facilities in 2015, a total $32 million from 2015 to 2019 and $33 million from 2015 to 2024.

It was part of an estimated $41.6 billion in tax breaks over the next 10 years that were approved by the House of Representatives 378-46 earlier this month and then by the Senate 76-16 (60 votes need for passage) on Tuesday. All that awaits now is the expected signature of President Barack Obama. The provision is similar to those granted to amusement parks, and track operators felt that the same break should apply to their facilities. After arguing the issue with the Internal Revenue Service, the issue became moot when Congress, as part of the Jobs Creation Act of 2004, granted the seven-year depreciation provision for new motorsports construction.

The provision covers all motorsports facilities, not just NASCAR facilities. Sporting News