It's time to think of Rome and the expense of the Colosseum, Cold Water! Think of all those exotic animals mauling Christians to death
On Oct 3, 4:56�pm, Cold Water <[EMAIL PROTECTED]> wrote: > Bailout bill includes tax break for NASCAR racetracks > By LISA ZAGAROLI > A tax break for NASCAR racetracks and other motor-sports facilities is among > the "sweeteners" tucked inside a 450-page financial-services bailout bill to > make the package more palatable to lawmakers. > The Senate-passed bill includes an array of so-called "tax extenders." One > extends for two years a tax policy that had been allowed to expire in > December that lets motor-sports facilities be treated the same as amusement > parks and other entertainment complexes for tax purposes. > > That allowed them to write off their capital investments over a seven-year > period. The motor sports industry feared that without a specific legal > clarification, motor-sports facilities would be required to depreciate their > capital over 15 years or longer because of a recent Internal Revenue Service > inquiry into the matter. That would make repaved tracks and new concession > stands more expensive in the short term. > > It isn't a new tax break, rather the way tax law historically has been > interpreted, said Lauri Wilks, the vice president of communications for > Speedway Motorsports, which owns the NASCAR tracks in Fort Worth, Texas; > Sonoma, Calif.; Concord, N.C.; and elsewhere. > > "It gives us incentive to go ahead and invest in our facilities," she said. > > Wilks said she couldn't put a price tag on the measure because track owners > would pay the same amount, just over a longer period. > > "Whether you pay all up front or depreciate them over time, the cash outlay > is the same," she said. > > A bill to extend the tax treatment had been introduced in the House of > Representatives by Rep. Mike Thompson, D-Calif., and co-sponsored by a number > of North Carolina members including Reps. Robin Hayes, a Republican, and > Melvin Watt, a Democrat. > > Thompson and Hayes voted against the original bank bailout bill Monday, which > didn't include the tax extenders added by the Senate and passed Wednesday. > Neither has said how he will vote when the House takes up the new bill. > > In the Senate, the motor-sports provision was sponsored by Sen. Charles > Schumer, D-N.Y. > > Some watchdog groups oppose loading up the bill with unrelated items. > > "Unfortunately, it took a legitimately historic piece of legislation that > lawmakers on principle could vote for or against it, and they just loaded it > up with business as usual, a huge tax package not related at all to the > bailout, and crammed it over to the House," said Steve Ellis, the vice > president of Taxpayers for Common Sense, a nonpartisan budget watchdog group. > "And it's going to be interesting to see whether this turns any votes or not." > > MORE FROM MCCLATCHY > > House leaders are confident bailout bill will pass this > time:http://www.mcclatchydc.com/227/story/53385.html > > What's in that Senate bill? Something for > everyone:http://www.mcclatchydc.com/244/story/53350.html > > Economy in Turmoil:http://www.mcclatchydc.com/turmoil > > http://www.miamiherald.com/news/politics/AP/v-print/story/711014.html --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
