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Racetrack law issue

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  • Racetrack law issue

    This is not quite IRl news but it effects all racetracks nationwide.
    Thought many fans might want to here about this issue.
    If the powers to be want to move it go ahead. I was not sure what forum to place it.

    WASHINGTON - Two lawmakers are trying to put the brakes on efforts by federal tax collectors to rev up the value of auto racing tracks.

    At issue, say Sen. Rick Santorum and Rep. J.D. Hayworth, are questions by the Internal Revenue Services over the depreciation rate of motorsports facilities.

    For nearly 30 years, motorsports tracks have been allowed to depreciate over a seven-year period. But the IRS now apparently wants to ease racecar tracks into a new depreciation schedule.

    That spurred Hayworth, a former North Carolina sports broadcaster, to demand Friday that the IRS "stop messing with auto racing."

    "Our legislation is intended to settle any questions the IRS may have on that point," said Hayworth, R-Ariz.

    A spokeswoman for the IRS did not have an immediate comment.

    Legislation introduced Friday by Hayworth and Santorum would keep tracks in the same seven-year tax value depreciation schedule with theme parks and amusement facilities. Without it, facility owners could watch planned improvements - worth hundreds of millions of dollars - go up in smoke in order to pay higher taxes, a Hayworth spokesman said.

    Hayworth described the flap as a "simmering dispute between the Internal Revenue Service and the booming motorsport industry."

    The bill would protect 900 racetracks nationwide, from drag strips to super speedways, including 48 in Pennsylvania.

    "These tracks boost their local economies across the state, and larger races can draw tens of thousands of fans - some from hundreds of miles away," said Santorum, R-Pa.

  • #2
    Hayworth is my Congressman and trust me.....HE'LL GET THIS THROUGH! He despises the IRS to begin with. At least someone had the huevos to look into this AND do something about it! Way to go JD!
    But that's just my opinion!


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