Statements On Introduced Bills And Joint Resolutions
STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS -- (Senate - February 12, 2007)
By Mr. SCHUMER (for himself, Mr. ROBERTS, Mr. NELSON of Florida, Mrs. DOLE, Ms. STABENOW, and Mr. KYL):
S. 557. A bill to amend the Internal Revenue Code of 1986 to make permanent the depreciation classification of motorsports entertainment complexes; to the Committee on Finance.
Mr. SCHUMER. Mr. President, I rise today to introduce ``The Motorsports Fairness and Permanency Act.' This bill extends the current tax treatment for speedways and race tracks around the country. Just over two years ago, Congress codified the seven-year depreciation classification for motorsports facilities. However, this provision of the tax code expires at the end of 2007. The bill I am introducing today would make the seven-year classification permanent, providing much needed clarity and certainty for facility owners who are planning capital investments.
There are over fifty motorsports facilities in every part of New York State: from Long Island Motorsports Park to Poughkeepsie Speedway to Utica-Rome Speedway to Wyoming County International Speedway. These tracks provide entertainment for thousands of fans and are important engines of local and regional economic development.
The highest profile facility in New York State is Watkins Glen International. This storied road course has played an important role in open wheel and stock car racing since it opened in 1956. The Glen has hosted NASCAR racing since 1986, and this year's schedule will include the Grand-Am Rolex Sports Car Series, the IndyCar Series and the NASCAR Nextel Cup. With
these high profile events drawing thousands of out-of-state racing fans to Schuyler County it is no surprise that the Glen's economic impact has been estimated at over $200 million a year.
Watkins Glen is also a prime example of the need for continual capital reinvestment at motorsports facilities. Since 2005, the Glen has added new grandstands and spectator suites and upgraded and repaved the track. Planning multi-million dollar capital projects requires a certain and stable tax regime governing these investments. In order to provide this stability and certainty, I am introducing the Motorsports Fairness and Permanency Act, and I am pleased to be joined by Senators ROBERTS, BILL NELSON, DOLE, STABENOW, and KYL as original cosponsors. Enacting this legislation will be crucial to supporting the economic benefits that motorsports facilities provide across New York State and across the country. I hope that my colleagues will join me in supporting this legislation, and I look forward to working with my colleague from Kansas to have it considered in the Finance Committee.
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