Motor Sports Seek to Protect U.S. Tax Breaks From Cuts

Dan Houser, the chief financial officer of International Speedway Corp. (ISCA), knows his industry is a potential target for lawmakers scrubbing the tax code for narrow breaks they can eliminate.

The one with the “sexy tag” of a NASCAR tax break, he said, can be twisted and criticized unfairly. The provision lets track owners depreciate capital costs over seven years instead of the usual 15 or 39 years.

A House Ways and Means subcommittee today will scrutinize tax breaks for NASCAR track owners and dozens of other breaks, including tax breaks for producing wind energy, maintaining short-line railroad tracks and making investments in the District of Columbia. Photo: Jamie Squire/Getty Images

“It just would be unfortunate for something that I think is really a plus to kind of end up on the cutting floor just to have something that’s going to sound nice in the headline,” said Houser, who said the provision encourages his company and others to make investments.

A House Ways and Means subcommittee today is scrutinizing dozens of tax breaks, including for motor sports, producing wind energy, maintaining short-line railroad tracks and making investments in the District of Columbia. The beneficiaries of such breaks are lobbying to avoid becoming casualties of a winnowing effort.

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http://www.bloomberg.com/news/2012-04-26/motorsports-seek-to-protect-u-s-tax-breaks-from-cuts.html