U.S. House Votes to Extend NASCAR Track Tax Breaks

Extending temporary tax breaks has become nearly routine for Congress, but pressure is building to review the provisions and perhaps send some to the trash heap. A tax break for NASCAR racetrack facilities has been singled out as suspect by some Democrats on the tax-writing Ways and Means Committee. "I questioned it. I have not seen its usefulness," said Rep. Bill Pascrell (D., N.J.). "I thought this would be a good example to get to the bigger question of do these things work anymore?" The NASCAR break, estimated to cost $45 million to extend for one year, is included in the bill passed by the House on Wednesday. It is important to race complex operators including Speedway Motorsports Inc. and International Speedway Corp. The provision allows a quicker, seven-year depreciation schedule for new construction and improvements to racetracks, grandstands, parking lots and other parts of track facilities. It was first enacted in 2004 tax legislation, after track operators argued they deserved similar depreciation treatment as theme-park rides and equipment, rather than the longer amortization periods used by operators of sports stadiums.Wall Street Journal