posted
The Oregon senators were the initial sponsors of the provisions. According to Bloomberg News, the provision would be worth $200,000 to Rose City Archery in Myrtle Point, Oregon
-------------------- Don't envy the happiness of those who live in a fool's paradise.
IP: Logged |
posted
as a big Nascar fan? this one makes me angry.
there's so much money flowing into this that they do not need tax breaks
Sec. 317. Seven-year cost recovery period for motorsports racing track facility. .(Page 262)
Track owners want to be able write off the cost of their facilities on their taxes over seven years - a depreciation timetable many of them have used for decades. But the IRS has wanted to stretch it to at least 15 years and has raised questions whether the increasingly popular tracks really belong in the same tax category as amusement parks.
Auto track owners are simply trying to get out of paying more taxes - which they'd have to do if they deducted less every year. These owners have gotten plenty of tax breaks over the years from states and localities eager to get speedways. The provision would be extend 2 years till the end of 2009 and would cost 100 million. The provision encompasses all facilities including grandstands, parking lots and concession stands.
-------------------- Don't envy the happiness of those who live in a fool's paradise.
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
