Our bail-out money at work for race tracks???

[bobt993]

Yes, Congress has added pork barrel to include funding and rebuilding of racetrack facillities.  Not sure how this helps the average homeowner.  Now if they can allocate some of that for grass at NJMP and proper repaving at Summit, and moving the blue bushes back at the Glen, and improving Shenandoah, and .........................

 

Written in the 400 plus pages of the bailout plan:

SEC.317 SEVEN-YEAR COST RECOVERY PERIOD FOR MOTORSPORTS RACING TRACK FACILITY.

(a) IN GENERAL.—Subparagraph (D) of section 168(i)(15) (relating to termination) is amended by striking ‘‘December 31, 2007’’ and inserting ‘‘December 31, 2009’’.

(b) EFFECTIVE DATE.—The amendment made by this section shall apply to property placed in service after December 31, 2007.

[Terry]

Don't know without reading anything else but this looks like tracks will be able to depreciate their capital expenses more quickly. If true, not much of a bailout.

[APXD 30]

SP should receive an exemption period of 1 season based on useful life.

Waiting for Mankow to chime in....

[bobt993]

It looks like there is 128 million allocated to race track facillities in some faction.  I would guess this has alot to do with the France family influence on Washington.  More likely to benefit Nascar only.

[larrybard]

I believe Terry is right -- 7 year depreciation rather than 15 year.  On a parity with tax treatment with respect to amusement parks.

[Darren]

Yeah well this is how our government works.  The only difference now is more people are paying attention to what is going on.  They always have people getting things in for special interests.

[Darren]

Yeah well this is how our government works.  The only difference now is more people are paying attention to what is going on.  They always have people getting things in for special interests.