Introduction of the Motorsports Fairness and Permanency Act

INTRODUCTION OF THE MOTORSPORTS FAIRNESS AND PERMANENCY ACT

* Mr. THOMPSON of California. Madam Speaker, I rise today to introduce the ``Motorsports Fairness and Permanency Act.' This bill permanently extends the current tax treatment of motorsports complexes across the country.

* There are five motorsports facilities located in my district alone--and more than 900 of these facilities nationwide. Each year, these facilities, both large and small, draw millions of racing fans. Spending by these fans contributes to local and regional economies--but the tracks themselves contribute as well, through facility construction and renovation, purchases, and permanent and seasonal employment.

* In 2004, Congress codified the seven-year depreciation classification for speedways and racetracks. However, this provision expires at the end of this year. These facilities need tax certainty in order to make their long-term planning decisions and continue contributing to national, regional and local economies.

* In order to provide this certainty, I am introducing the Motorsports Fairness and Permanency Act. I hope that my colleagues will work with me to enact this legislation, which will support the economic benefits provided by motorsports facilities in my district and nationwide.

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