Think that $700 billion bailout package is all about adding liquidity to the financial markets? Great for getting that all important car loan when your clunker finally gives up the ghost.
But when you strart looking throught the package you may see a few items slipped under mat at the last minute.
Such as the following for :
2. Sec. 317. Seven-year cost recovery period for motorsports racing track facility. .(Page 262)
Track owners want to be able write off the cost of their facilities on their taxes over seven years - a depreciation timetable many of them have used for decades. But the IRS has wanted to stretch it to at least 15 years and has raised questions whether the increasingly popular tracks really belong in the same tax category as amusement parks.
Are auto track owners are simply trying to get out of paying more taxes - which they'd have to do if they deducted less every year. These owners have gotten plenty of tax breaks over the years from states and localities eager to get speedways. The provision would be extend 2 years till the end of 2009 and would cost 100 million. The provision encompasses all facilities including grandstands, parking lots and concession stands.
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