The Senate-passed tax and spending bill has something for NASCAR:
The "fiscal cliff" deal reached by the Senate and the White House on New Year's Eve, and passed in legislative form by the Senate early New Year's Day, includes many giveaways to special interests --including an extension of a perk enjoyed by "motorsports entertainment complexes" otherwise known as the "NASCAR tax credit."My hunch is that most senators were unaware of the giveaways, except for the ones they inserted. Like the ObamaCare bill, they read the bill after it's passed.
The provision, under section 168(i)(15) of the federal tax code, allows speedways to write off their costs over seven years. Typically, such expensing occurs over a much longer period of time, from 15 to 39 years. The cost of the NASCAR tax credit to taxpayers has been estimated at some $40 million--over and above any tax incentives provided by state and local authorities.
Hollywood gets a tax credit also. Sooner or later, the wind lobby will get their tax credit renewed, too. No wonder some House members (on both sides of the aisle) won't vote for this bill.