March 23, 2025
Congresswoman Claudia Tenney is reintroducing a bill in the House of Representatives, to make permanent, the accelerated depreciation of a motorsports entertainment complex. This will make permanent, the tax incentives, in the federal tax code, to help racetracks, from small ones to Nascar, out financially. The tax incentives are set to end at the end of this year.
FROM CONGRESSWOMAN TENNEY: “The Oswego Speedway and Watkins Glen are just a few of many racetracks located in Upstate New York that have provided our region with family fun, quality jobs, and economic opportunity. The Motorsports Fairness and Permanency Act will sustain the long-term financial health and competitiveness of motorsports facilities by making the seven-year cost recovery period permanent, providing the industry the reassurance it needs to thrive and grow. Motorsports venues require continual investments to maintain infrastructure, incorporate the newest safety upgrades, and improve the fan experience. A shorter depreciation schedule provides the financial flexibility necessary to make these investments. Doing so will ensure this American pastime continues to generate jobs and boost our economy.”
