WALSH SUPPORTS LEGISLATION TO ENHANCE MOTORSPORTS FACILITIES

Fan Experience, Spectator Safety to Improve Through Encouraged Reinvestment

(Washington D.C.)- Congressman James T. Walsh today announced his endorsement of federal legislation, H.R. 1304 – the Motorsports Fairness and Permanency Act of 2007.  The bill would make the current seven-year tax depreciation schedule for raceways and speedways permanent, enabling these complexes to keep more of their revenues to reinvest into facilities for improving safety and enhancing the fan experience.

Locally, the legislation would benefit motorsports complexes such as Brewerton Speedway, Can-Am Speedway, ESTA Safety Park Dragstrip, Watkins Glen International, Oswego Speedway, New York International Raceway Park, Fulton Speedway and Frozen Ocean Motorsports Complex.

The existing seven-year depreciation treatment under Internal Revenue Code for motorsports facilities will expire in 2008, which makes future investment decisions difficult to plan and carry out.  To ensure that operators of motorsports properties are able to prepare significant future investments, H.R. 1304 makes permanent the current tax depreciation schedule that was initially part of a tax relief measure enacted in 2004 known as the American Jobs Creation Act.

The Motorsports Fairness and Permanency Act of 2007 is endorsed by the National Motorsports Council, which represents many of the sanctioning bodies in motor racing, including NASCAR, Grand Am, the Indy Racing League and the United States Auto Club. H.R. 1304 has been referred to the House of Representative’s Committee on Ways and Means and now awaits further action.

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