NASCAR is getting some help from the fiscal cliff deal, but are taxpayers really surprised that a debate that went around in circles for weeks resulted in some racetrack funding?
The fiscal cliff bill included an extension of the so-called NASCAR loophole that allows anyone who builds a racetrack to get a slight tax benefit by accelerating the depreciation on that property. In this case, racetracks can deduct more expenses and write down costs over seven years instead of the more typical 15- to 39-year period. It has been spelled out under section 168(i)(15) of the federal tax code since 2004.
International Speedway Corporation (ISC), which was created by NASCAR founder Bill France Sr. to build the racing league's tracks, insists that the loophole also discourages track builders from asking local governments for sales tax increases, hotel tax increases and other public funding typically used to pay for construction of sporting venues.
Betcha didnt know ole Joe was floating Brian too
updated by @johnny-mallonee: 12/05/16 04:04:08PM
