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IPFS News Link • Economy - Economics USA

What's in It: 'Fiscal Cliff' Deal Includes 'NASCAR Tax Credit'

 including an extension of a perk enjoyed by "motorsports entertainment complexes" otherwise known as the "NASCAR tax credit."

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 films also enjoy a tax incentive extension in the "fiscal cliff" deal. The 157-page bill may grow yet larger--and more lucrative for special interests--as the House adds amendments.

1 Comments in Response to

Comment by Hawkeye
Entered on:

If this is true,NASCAR has just lost one hell of large number of fans,Especially in the South. NASCAR is one very good tell tell sign of just how corrupt,and low life the American people have become.It don`t get any lower than this.

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