[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 557 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                 S. 557

   To amend the Internal Revenue Code of 1986 to make permanent the 
  depreciation classification of motorsports entertainment complexes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 12, 2007

  Mr. Schumer (for himself, Mr. Roberts, Mr. Nelson of Florida, Mrs. 
 Dole, Ms. Stabenow, and Mr. Kyl) introduced the following bill; which 
        was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to make permanent the 
  depreciation classification of motorsports entertainment complexes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Motorsports Fairness and Permanency 
Act of 2007''.

SEC. 2. 7-YEAR CLASS LIFE FOR MOTORSPORTS ENTERTAINMENT COMPLEX 
              FACILITIES MADE PERMANENT.

    Section 168(i)(15) of the Internal Revenue Code of 1986 (defining 
motorsports entertainment complex) is amended by striking subparagraph 
(D).
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