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Owners of NASCAR racetracks get $70 million tax breaks in fiscal cliff deal

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Owners of NASCAR racetracks get $70 million tax breaks in fiscal cliff deal

American taxpayers aren’t the only ones to rejoice at the news that U.S. lawmakers finally agreed to avoid the fiscal cliff.

An unlikely beneficiary of the new legislation is NASCAR and its track owners, according to a report from Auto Week. Under the new deal, some of NASCAR’s track owners will receive a $70 million break. International Speedway Corporation, a company which is primarily owned by the France family, operates 12 of the tracks used on the Sprint Cup series, while Speedway Motorsports owns eight of the tracks.

The money comes as an extension of a „seven-year cost recovery period for certain motorsports racing track facilities,” according to a report by ABC News. The $70 million is an estimate of lost tax revenue if current tax credits, which are scheduled to expire, are renewed for one more year.

Other businesses benefitting from the fiscal cliff deal are Hollywood movie producers, rum makers from Puerto Rico and even algae growers. All of these activities are getting some breaks in the deal. NASCAR is connected to politics, with several of its officials, including CEO Brian France and president Mike Helton, helped raise funds for Republican nominee Mitt Romney in the 2012 presidential election.

by Dan Mihalascu (my Google+) - Monday, January 7th, 2013 - filed under Motorsport, News. Image credit: .
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