CarDomain Network: CarDomain Autoholics
Fiscal Cliff Deal Includes NASCAR Subsidy
Posted On: 1/2/2013 10:47AM

One of the bright spots of this year's holiday was the resolution of the fiscal cliff crisis, as House Republicans finally decided to call off their months-long temper tantrum in the face of overwhelming bipartisan support for not tanking the American economy. But what weird and random bits made it into the last-minute deal that kept us from going over the brink? For one, an existing tax break for owners of "motorsports complexes" was renewed: it allows them to be treated tax-wise more like amusment parks than racetracks, and write off depreciation losses sooner rather than later, at a cost of over $40M to taxpayers. In light of all the other idiotic stuff that's subsidized by our government, I'm not too worried about this break, especially since our hobby obviously benefits from thriving motorsports installations. But needless to say, the general public can't be expected to be too thrilled about something called the "NASCAR loophole." Read more about the subsidy at The Daily Beast.

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