We lost our only track in our area in 2004 for similiar reasons. They now have built assisted living 55+ on that land or condos or some crap. Now if anyone wants to race on a strip we have to travel out of state and the closest is about 2 1/2 hours away talk about killin a sport. Im located in NY on Long Island from what i gather it was the oldest drag strip in the country also.
I live in CT 2+ hours from any track (we dont have one in state) and with Etown being threatened that might lesson the chance I have a track under 3 hours. It really is a shame.
Did any of you hear about the budget for "auto race tracks" built into the recent $700 billion Economic Bailout plan? I heard bits and pieces on the news, but I'm wondering if we will actually see any of that in action.
Did any of you hear about the budget for "auto race tracks" built into the recent $700 billion Economic Bailout plan? I heard bits and pieces on the news, but I'm wondering if we will actually see any of that in action.
TALLADEGA, Ala. -- Frequently cited by national media as one of the most glaring examples of pork in the economic bailout bill passed Friday by the U.S. House of Representatives, the language that gives favorable tax treatment to racetracks is merely a two-year extension of a provision in the tax code passed in October 2004.
Under that provision, racetracks are considered in the same classification as amusement parks and are allowed to recover outlays for capital improvements through depreciation for seven years, rather than the more customary 15 years.
Wes Harris, senior director of corporate and investor communications for International Speedway Corp., said the extension covers only those improvements made within the walls of the racetrack between Jan. 1, 2007 and Dec. 31, 2009. Accordingly, the installation of SAFER barriers or upgrades to concession stands would be included, while the construction of a new administration building outside the track would not.
The section of the bill pertaining to racetracks occupies two paragraphs in the 451-page document. Harris said the favorable treatment is likely to encourage track owners across the country to make improvements sooner rather than later.
"It's an economic engine," he said. "It creates jobs."
ISC currently is contesting an Internal Revenue Service decision requiring the company to depreciate improvements made from 1999 through 2004 over the longer term. To avoid paying interest in the case of an adverse ruling, ISC already has set aside $120 million to cover the difference between the two outcomes, Harris said.
Strype, you can always come up to my neck of the woods and race at the Sand mountain speedway. Would like to see some more cars t ohelp combat these crotch rockets that think they own the track .
You hadn't heard that before? I guess there was like $100 million built into that bill to help relieve the taxes on race track owners, but it looks like it was more aimed at NASCAR and IndyCar.
You hadn't heard that before? I guess there was like $100 million built into that bill to help relieve the taxes on race track owners, but it looks like it was more aimed at NASCAR and IndyCar.