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Senator Young Helps Introduce Legislation To Protect American Motorsports

(Saige Driver / 1190 WOWO)

WASHINGTON, D.C. (WOWO):  New Legislation has been introduced in part by one Senator from Indiana to protect American motorsports.  Republican U.S. Senator from Indiana, Todd Young along with Virginia Democratic Senator, Mark R. Warner Tuesday introduced the Motorsports Fairness and Permanency Act of 2023, bipartisan legislation that would make permanent a tax classification on depreciating assets for motorsports entertainment facilities. The legislation would allow venues to more effectively plan improvements and make safety updates, bringing additional jobs and positive economic impacts to surrounding communities.

“Motorsports are engrained in Indiana’s history and culture and play a major role in our state’s economy,” said Senator Young. “This bill will make a simple fix to our tax code to give speedways the ability to make needed improvements, invest in safety, and enhance the spectator experience. I’m proud to support this bill on behalf of the Hoosier motorsports industry and race fans across Indiana.”

Since 2004, Congress has enacted temporary extensions to allow investments inside a motorsports entertainment complex to qualify for a seven-year recovery period for tax purposes. This accelerated depreciation provision was most recently extended in 2020 and is set to expire at the end of 2025.

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1 comment

Slacker06 July 26, 2023 at 9:12 am

Toad Young once again misses the mark.l Earlier this week we saw the new movie Sound of Freedom. Millions are in the clutches of slavery this very day. A large percentage are kids being trafficked for sex by the pedo generation. But what does toad Young work on? Motorsports! There are more slaves today, sexual and otherwise kids or adults that ever in history and even since the practice was legal in the western world. A very high percentage of the kids being trafficked are in the USA. So what does the illustrious Toad Young work on? Something inconsequential to all those performing sex against their will right now. HE can write and tell us how proud he is to be our US Senator. Trouble is I’m utterly disgusted with him; NOT PROUD at all of him. Waked up Toad. It could be your son or daughter kidnapped and sold into sex slavery. I’m starting to think Toad Young is in the “worthless piece of human debris” category. He certainly is worthless to me.

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