We missed this when it passed, but on December 8, Congress passed a bill that extended a tax break for Nascar. The provision, according to the Wall Street Journal, “allows a quicker, seven-year depreciation schedule for new construction and improvements to racetracks, grandstands, parking lots and other parts of track facilities.” The break will cost the treasury $45 million next year.
The Nascar tax break was first enacted in a 2004 tax bill. Race track owners argued at the time that they should get the quicker depreciation allowed to theme park owners.
The extension set off wrangling between Democrats and Republicans. “I questioned it. I have not seen its usefulness,” said Rep. Bill Pascrell (D., N.J.). “I thought this would be a good example to get to the bigger question of do these things work anymore?” Republicans, some with race tracks in their districts, said the tax bill was a job creator and encouraged further investment.