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Revised Rescue Bill & Motorsports Complexes
EXCERPTS:
USA Today Oct 3, page B1, John Fritze and Kathy Kiely, USA TODAY " Motorsports complexes. Extends seven year cost recovery period to the end of 2009 for land improvement and support facilities placed in service after Dec 31 2007. Estimated cost: $100 million over 10 years. " " WASHINGTON — For most, race cars have little to do with the $700 billion economic recovery plan lawmakers will consider Friday. But in Congress, they could make a difference. That's because Rep. Frank LoBiondo, R-N.J., who voted against the bailout, now must decide on a revised bill that carries a tax break for owners of motorsports complexes, a proposal he has supported in the past. From income tax breaks that could affect millions of Americans to tax breaks for racetracks, the economic recovery bill scheduled for a vote Friday is loaded with provisions that may tempt House members who previously voted "no" to change their mind. "It's a very transparent attempt to buy votes on a very controversial piece of legislation," said Tom Schatz, president of the watchdog group Citizens Against Government Waste. House leaders said the perks will improve the bill's chances, but few members would say for certain if the sweeteners will persuade them to switch their vote, and others hinted they will not budge. "That is why things are … added to bills, to get other people on," House Majority Leader Steny Hoyer, D-Md., said Thursday. LoBiondo, whose district includes the New Jersey Motorsports Park, is "paying very close attention" to the Senate changes, said spokesman Jason Galanes. " |
Just imagine al lthe stuff HIDDEN in this bill that we dont know about
joeg |
OH WE WILL KNOWWWWWW......way to frikkin late!
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Hidden away in the 450-page financial-services bailout bill is a tax break for speedways and other motorsports facilities. It extends for two years a policy that treats motorsports facilities as amusement parks or other entertainment complexes. That allows them to write off their capital investments over seven years instead of 15 years. The longer period would make capital improvements, such as repaving and new structures, more expensive in the short term.
AutoWeek | Updated: 10/06/08, 1:27 pm et Article URL: http://autoweek.com/apps/pbcs.dll/ar...FREE/810069975 |
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