[Congressional Record Volume 153, Number 39 (Wednesday, March 7, 2007)]
[Extensions of Remarks]
[Page E483]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                MOTORSPORTS FAIRNESS AND PERMANENCY ACT

                                 ______
                                 

                           HON. PHIL ENGLISH

                            of pennsylvania

                    in the house of representatives

                        Wednesday, March 7, 2007

  Mr. ENGLISH of Pennsylvania. Madam Speaker, I rise today in support 
of the Motorsports Fairness and Permanency Act. This bill would make 
permanent the tax treatment of speedways and racing facilities around 
the country.
  This legislation will provide needed certainty to track and speedway 
operators regarding the depreciation of their properties. For decades, 
motorsports facilities were considered as ``theme and amusement 
facilities'' for depreciation purposes. Congress codified this 
treatment as part of the Jumpstart our Business Strength Act of 2004. 
The Motorsports Fairness and Permanency Act would simply make this 
treatment permanent, helping facility owners make long-lead time 
decisions on major capital investments.
  My congressional district is home to Lake Erie Speedway, a \3/8\-mile 
track that hosts a full schedule of races, including the Mid-Atlantic 
Asphalt Racing Alliance and NASCAR Whelen All-American Series. Lake 
Erie Speedway can accommodate up to 7,000 race fans and has a 
substantial impact on the Erie County economy.
  Pennsylvania is home to 60 motorsports facilities, including Pocono 
Raceway, which hosts two NASCAR Nextel Cup races each summer. These 
facilities are an important part of the fabric of our State's economy. 
Indeed, a recently-released report, authorized by the Pennsylvania 
General Assembly, found that motorsports facilities have a combined 
impact of over $390 million on the State's economy.
  Because of the importance of motorsports to my district and State, I 
am cosponsoring the Motorsports Fairness and Permanency Act. This 
legislation will make permanent the well-understood and widely-accepted 
depreciation classification of motorsports facilities. The legislation 
will provide fair treatment and needed certainty to the dozens of 
facilities in Pennsylvania and the hundreds located throughout the 
country.
  I urge my colleagues to join me in supporting the Motorsports 
Fairness and Permanency Act.

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