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.
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