II 110th CONGRESS 1st Session S. 557 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.

1.

Short title

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

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).