[Congressional Record Volume 153, Number 26 (Monday, February 12, 2007)]
[Senate]
[Pages S1863-S1864]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. SCHUMER (for himself, Mr. Roberts, Mr. Nelson of Florida, 
        Mrs. Dole, Ms. Stabenow, and Mr. Kyl):
  S. 557. A bill to amend the Internal Revenue Code of 1986 to make 
permanent the depreciation classification of motorsports entertainment 
complexes; to the Committee on Finance.
  Mr. SCHUMER. Mr. President, I rise today to introduce ``The 
Motorsports Fairness and Permanency Act.'' This bill extends the 
current tax treatment for speedways and race tracks around the country. 
Just over two years ago, Congress codified the seven-year depreciation 
classification for motorsports facilities. However, this provision of 
the tax code expires at the end of 2007. The bill I am introducing 
today would make the seven-year classification permanent, providing 
much needed clarity and certainty for facility owners who are planning 
capital investments.
  There are over fifty motorsports facilities in every part of New York 
State: from Long Island Motorsports Park to Poughkeepsie Speedway to 
Utica-Rome Speedway to Wyoming County International Speedway. These 
tracks provide entertainment for thousands of fans and are important 
engines of local and regional economic development.
  The highest profile facility in New York State is Watkins Glen 
International. This storied road course has played an important role in 
open wheel and stock car racing since it opened in 1956. The Glen has 
hosted NASCAR racing since 1986, and this year's schedule will include 
the Grand-Am Rolex Sports Car Series, the IndyCar Series and the NASCAR 
Nextel Cup. With

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these high profile events drawing thousands of out-of-state racing fans 
to Schuyler County it is no surprise that the Glen's economic impact 
has been estimated at over $200 million a year.
  Watkins Glen is also a prime example of the need for continual 
capital reinvestment at motorsports facilities. Since 2005, the Glen 
has added new grandstands and spectator suites and upgraded and repaved 
the track. Planning multi-million dollar capital projects requires a 
certain and stable tax regime governing these investments. In order to 
provide this stability and certainty, I am introducing the Motorsports 
Fairness and Permanency Act, and I am pleased to be joined by Senators 
Roberts, Bill Nelson, Dole, Stabenow, and Kyl as original cosponsors. 
Enacting this legislation will be crucial to supporting the economic 
benefits that motorsports facilities provide across New York State and 
across the country. I hope that my colleagues will join me in 
supporting this legislation, and I look forward to working with my 
colleague from Kansas to have it considered in the Finance Committee.
                                 ______