[Congressional Record (Bound Edition), Volume 153 (2007), Part 4]
[Extensions of Remarks]
[Page 5234]
[From the U.S. Government Publishing Office, www.gpo.gov]




      INTRODUCTION OF THE MOTORSPORTS FAIRNESS AND PERMANENCY ACT

                                 ______
                                 

                           HON. MIKE THOMPSON

                             of california

                    in the house of representatives

                        Thursday, March 1, 2007

  Mr. THOMPSON of California. Madam Speaker, I rise today to introduce 
the ``Motorsports Fairness and Permanency Act.'' This bill permanently 
extends the current tax treatment of motorsports complexes across the 
country.
  There are five motorsports facilities located in my district alone--
and more than 900 of these facilities nationwide. Each year, these 
facilities, both large and small, draw millions of racing fans. 
Spending by these fans contributes to local and regional economies--but 
the tracks themselves contribute as well, through facility construction 
and renovation, purchases, and permanent and seasonal employment.
  In 2004, Congress codified the seven-year depreciation classification 
for speedways and racetracks. However, this provision expires at the 
end of this year. These facilities need tax certainty in order to make 
their long-term planning decisions and continue contributing to 
national, regional and local economies.
  In order to provide this certainty, I am introducing the Motorsports 
Fairness and Permanency Act. I hope that my colleagues will work with 
me to enact this legislation, which will support the economic benefits 
provided by motorsports facilities in my district and nationwide.

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