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| Bailout bill includes tax break for NASCAR racetracks | |
| 2008-10-03 | |
| Somebody asked about this yesterday. And, believe it or not, it appears to be true... WASHINGTON -- 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.
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. And the culprits? 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." | |
| Posted by:tu3031 |
| #19 Rj - Mike Church on Sirius went through some of that. I don't remember all the names - but, there was money put in to study caffeine withdrawal...congress is a bunch of corupt morons. |
| Posted by: Flitch the Imposter aka Broadhead6 2008-10-03 23:16 |
| #18 Good or bad about the bailout aside I think someone should find out what pork was added and at who's request and those requesters should be tarred and feathered and their names splashed all over the nation as those that choose to profit off of America's fear and potential fiscal collapse. |
| Posted by: rjschwarz 2008-10-03 23:11 |
| #17 This is what I just sent all my congress critters and W via email by way of congress.org - I have had a few beers and am pissed off. Fuck it. "I am glad Sen Stabenow & Rep McCotter voted against the bailout - it was more pork & foolishness. Thank you both - keep up the good work. Mr. President, as someone who voted for you twice and believes you are deep down, a good man I am appalled you supported this hog/turkey of a bill - you are better then that - I am dissapointed and saddened. Sen Levin, you never cease to dissapoint. Surely congress could have waited longer and forged a better more sound bill - or - killed it all together - as usual the congressional approval rating is about accurate. Our Founding Fathers are turning in their graves - gov't getting entwined w/businesss - what a travesty - going against what are founding documents assert - if the gov't had stayed out of the sub prime business in the first place this whole issue would've been minimized. Historically speaking, a republic generally lasts only about 300 yrs - until the masses learn they can vote for their lifestyles or out of the largesse of the state coffers. I see nothing good on the horizon, and as a real patriot who has went to a combat zone in the defense of his country it saddens me." BTW-Stabenow is a dem, I think maybe she hit the wrong voting button but whatever..I give credit where it's due. I want to go on safari and make extinct all the rinos... |
| Posted by: Flitch the Imposter aka Broadhead6 2008-10-03 23:01 |
| #16 And yes, fuck the AMT! Funny tax story (sorry if I mentioned it before, I think I did). This client makes $200K a year, but in 2005 he goes out and buys a Prius, because the sales guy says he gets a $2,000 tax credit if he buys the car. Naturally, he does not call until well after the following tax season's underway. Guess what tax credit you don't get when you're making enough to incur the AMT? That's right! What a fucking dope... |
| Posted by: Raj 2008-10-03 20:42 |
| #15 ...to see how the NE Patriots and the new stadiums for Dallas / NY Yankees, etc. get their depreciation allowances on all their stuff. Clarifications: 1) The Patriots built Gillette Stadium that went live in 2002 and was financed with no public money. I'd think the rules would be different if public financing was involved. 2) Are these rules retroactive, or just going forward from when the changes take place? You mean I gotta actually read this bill? Ugh... |
| Posted by: Raj 2008-10-03 20:35 |
| #14 It is indeed a sad day for the United States. I completely agree. You know what's whack? I felt completely sad & ashamed of the US when Elian Gonzalez was 'repatriated' back to Cuba. Is this kinda thing like the sunspot cycle? BTW, this tax 'break' is fine with me, in my professional opinion, standing on its own. If the issue is 'entertainment complexes' being treated equally, stuff like track resurfacing and other faster wearing assets should be written off faster. It would be interesting, for example, to see how the NE Patriots and the new stadiums for Dallas / NY Yankees, etc. get their depreciation allowances on all their stuff. |
| Posted by: Raj 2008-10-03 20:24 |
| #13 Forgot to mention Barbara that the tax bill will cost 110 billion over ten years. |
| Posted by: tipper 2008-10-03 20:10 |
| #12 In a nutshell Barbara, the only difference between the bill that failed in the Reps and passed in the Senate was the increase of the FDIC limit from 100k to 250k. All the rest belongs to the Tax Extenders Bill, 74-25. Here is a summary. |
| Posted by: tipper 2008-10-03 20:05 |
| #11 Maybe you can split them for us, tipper? My head hurts.... |
| Posted by: Barbara Skolaut 2008-10-03 19:14 |
| #10 I think people are getting confused. There are two unrelated bills here, the bailout bill and a tax bill. This is simply because the bailout bill was passed by the Senate first and the Senate cannot introduce a tax bill, so the second was tagged on to the first as a procedural matter. So ignore the tax bill, it's a distraction. |
| Posted by: tipper 2008-10-03 18:34 |
| #9 It is indeed a sad day for the United States. My congressman, John Duncan voted against the bill. A poll he conducted from his website indicated 87% of his constituents were opposed to the Pig in the Trough Bill. He served his constituents well but alas it didn't do any good. |
| Posted by: JohnQC 2008-10-03 16:44 |
| #8 The bill was passed, Bush signed it. Another sad day, unless your a wood arrow manufacturer, rum runner, wool whatever, oh I'm just sick. |
| Posted by: 49 Pan 2008-10-03 16:00 |
| #7 They (A) Raised the AMT exemption from $33K to $45K for single and from $46K to almost $70K for Married/joint. and (B) You still get to use your personal credits. |
| Posted by: Minister of funny walks 2008-10-03 15:12 |
| #6 Did they get rid of the AMT, Minister? That's great. (Though the Dems will probably try to sneak it back in after the election.) |
| Posted by: Barbara Skolaut 2008-10-03 14:11 |
| #5 Talk about burying the lead. The AMT just took it it the shorts! Long overdue. |
| Posted by: Minister of funny walks 2008-10-03 13:33 |
| #4 GlennBeck was all over this last nite. In the segment, he had two leaders of government Watchdog groups going over each of these items and link the names/faces of the politicians they were trying to influence. I remember the 'Wooden Arrow' bill was to influence two Oregon votes. |
| Posted by: Tom-Pa 2008-10-03 13:24 |
| #3 Last I heard NASCAR was doing OK. And then there is support for: manufacturers of kid's wooden arrows, Puerto Rican and Virgin Islands rum producer's, wool research, corporations operating in American Samoa, and small- to medium-budget film and television productions. Lot's of other "goodies" in the bill. * Wool research. * Auto-racing tracks - $128 million. * Corporations operating in American Samoa - $33 million. * Small- to medium-budget film and television productions - $10 million. |
| Posted by: JohnQC 2008-10-03 11:51 |
| #2 Working for a Nascar team this sickens me. The bailout is crap and adding all these tax riders is blatant vote buying. It's too bad Bush has suddenly turned into a socialist because in the past he would have vetoed this crap. Don't get me wrong I am against the bailout, not giving Nascar tracks a little tax break. |
| Posted by: AllahHateMe 2008-10-03 10:38 |
| #1 Ok, I take back what I said about the bill only helping the overseas bankers. Now that NASCAR's involved, it has to pass! |
| Posted by: 49 Pan 2008-10-03 10:33 |