Congressman’s bill would extend racetrack depreciation

U.S. Rep. Dean Heller, R-Nev., introduced a bill in February that would amend the Internal Revenue Code of 1986 and extend the depreciation period for motorsports facilities such as the Las Vegas Motor Speedway.

The Motorsports Fairness and Permanency Act (House Resolution 673), which has been referred to the House Ways and Means Committee, would classify raceway and speedway complexes as seven-year property for purposes of depreciation.

The current provision covers all permanent tracks that host at least one racing event a year and are open to the public for the price of admission. The provision will expire at the end of 2011.

The Las Vegas Motor Speedway will benefit from the tax certainty included in the legislation, which enables more efficient long-term planning decisions, said Shelley Berkley, D-Nev., the bill’s co-sponsor.

Former President George W. Bush signed the American Jobs Creation Act into law in 2004, classifying raceway and speedway complexes as seven-year property for purposes of depreciation, an established practice for many commercial property owners.