Gibbons backs law to make sure auto racers get tax break
U.S. Rep. Jim Gibbons, R-Nev., says he is backing legislation to ensure owners of auto racing venues get a tax break.
The bill was introduced by Rep. J.D. Hayworth, R-Ariz., to clarify that a motorsports entertainment complex qualifies for the same seven-year depreciation schedule as amusement or theme parks.
They have gotten that accelerated depreciation — which provides a significant tax break — for 29 years.
The Internal Revenue Service has questioned whether the law was designed to apply to auto racing facilities.
He said the change in IRS practice could effect the Las Vegas Motor Speedway unless the law is passed to clarify its tax status.