How much money did NASCAR put in your pocket this year? Unless you're 2010 Sprint Cup champion Jimmie Johnson, probably not much. Well, as a U.S. taxpayer, you'll be helping to put about $40 million into NASCAR track owners' pockets.
Among the many sweeteners included in the Tax Relief Act of 2010, just signed by President Obama, was Sec. 738, allowing owners of "motorsports entertainment complexes" -- like NASCAR tracks - to write off their costs over only a seven year period instead of the 15 to 39 years typically required by the tax code for depreciation of nonresidential property, providing the track hosts at least one event within three years of its opening. Just for the record, the IRS objected to allowing this fast-track depreciation which essentially places NASCAR race tracks in the same tax category as amusement parks. But who is the IRS when it comes to tax breaks?
The provision is expected to net race track owners some $40 million and is on top of the tax incentives already offered by state and local governments to attract NASCAR into their area.
Of course, the bill also provides an estimated $162 million worth of tax breaks for non-sexually explicit U.S. television and movie productions. It's still all about the economy, silly.
Photo: NASCAR Sprint Cup Champion Jimmie Johnson - Chris Trotman/Getty Images
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