Support for H.R. 2231, the bipartisan “Motorsports Fairness and Permanency Act,” as Congress looks to renew the 2017 Tax Cuts and Jobs Act.
Owning and operating a racetrack is a labor of love. Most tracks run on narrow margins, which requires owners to carefully invest in upgrades to our facilities. We’re in this business because we care deeply about motorsports, racers, and millions of Americans who are fans of all different types of racing. However, there are economic considerations we contend with each day, and tax certainty is among our chief concerns. In order to make continued investments in our tracks, grandstands, viewing structures, and even the parking lots, we need to have tax certainty that U.S. tax code will allow us to recover the costs of these investments over seven years.
If Congress doesn’t pass this bill into law in 2025, the investments will revert to being depreciated over a period of up to 39 years. Motorsports is a uniquely American tradition, and passage of this legislation is critical to the future of racing, tens of thousands of jobs, and the local economies in communities throughout the country.
Support H.R. 2231, which would empower small business racetrack owners across America to thrive and continue delivering the entertainment and much-needed community investment that our nation deserves. It is critical that Congress includes the Motorsports Fairness and Permanency Act in any legislation to extend the Tax Cuts and Jobs Act.
