The “fiscal cliff” deal approved by Congress as the new year dawned included a tax adjustment that benefits NASCAR track operators, particularly the France family, which controls NASCAR,
the
Sporting News
reported.
NASCAR track operators will receive a tax break estimated to be worth $70 million over the next two years, the article said. “The break defers the taxes of motorsports facilities by allowing track owners to depreciate the cost of new construction over seven years instead of over the life of the project,” the report said.
Congress granted the seven-year depreciation provision for new motorsports construction as part of the Jobs Creation Act of 2004 and has extended it ever since. The American Taxpayer Relief Act of 2012 includes an extension for all construction completed through 2013, the
Sporting News
report said.
International Speedway Corp., which operates 12 tracks on the Spring Cup circuit, is primarily owned by the France family. The provision also benefits new motorsports construction outside of NASCAR circuits, the
Sporting News
article noted. (Source:
Sporting News,
Jan. 3, 2013.)
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