U.S. Senate Introduces SEMA-Supported Motorsports Fairness and Permanency Act
U.S. Senators Mark Warner (D-VA) and Todd Young (R-IN) introduced S. 2462, the Motorsports Fairness and Permanency Act. The SEMA-supported, bipartisan legislation would provide certainty to racing facility owners about long-term investments by amending the Federal Tax Code to make permanent the seven-year cost recovery period for investments in motorsports entertainment complexes. Currently, this tax incentive expires at the end of 2025.
"The Motorsports Fairness and Permanency Act is a simple fix to our tax code that will offer speedways the freedom to make long-term investments and upgrades to their facilities," said Sen. Warner. "I'm proud to introduce legislation that will improve driver safety, enhance fan experience and support jobs in our racing communities."