[Congressional Record Volume 150, Number 55 (Tuesday, April 27, 2004)]
[Senate]
[Page S4426]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         RACETRACK DEPRECIATION

  Mr. NELSON of Florida. Mr. President, I rise today to address an 
issue important to my State, and to a growing number of Americans: 
Motorsports. Born in Daytona Beach, racing today is the fastest growing 
sport in the country and has given birth to an economy unto itself.
  With 38 track and speedway facilities in locations throughout 
Florida, including two of the Nation's larger tracks--Homestead-Miami 
and Daytona International Speedways--motorsports contribute nearly $2 
billion annually to Florida alone.
  Simply put, these tracks, whether large or small, create jobs and 
expand tourism.
  The Internal Revenue Service has allowed these facilities to 
depreciate their property over a 7-year period. Now they are 
challenging this longstanding industry practice and treating racetracks 
differently than other entertainment complexes.
  That is simply unfair and will have a dire economic effect, 
discouraging the capital investments that these facilities rely on to 
improve their product and attract the legions of fans that have been so 
valuable to small towns across the country.
  I urge my colleagues to join me in supporting prompt enactment of S. 
1524, the ``Motorsports Fairness Act'' to clarify that these facilities 
are indeed 7-year property for purposes of depreciation.

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