I lost my car. Will insurance pay? | RedlionTrader

With the help of devoted Nascar fans in Congress and lobbyists in Washington, track owners secured a one-year extension of an expiring tax break that allows them to write off investments in their property over 7 years, rather than the more typical 15 years.

That break for speed racing and similar benefits granted to select businesses in the new tax deal will cost the Treasury tens of millions of dollars over the next decade, at the same time the government struggles with its growing debt.

?This allows us to compete with football, baseball and basketball, whose facilities are often financed with state and local tax money,? said Daniel W. Houser, senior vice president and chief financial officer of the International Speedway Corporation of Daytona Beach, Fla., which owns and operates 13 auto racetracks. He said the tax provision would allow the company to carry out a ?a robust capital spending plan.?

Mr. Houser described the tax break as a form of economic stimulus. ?We have shovel-ready projects that are ready to put people to work,? he said.

Preservation of such tax breaks came as lawmakers said they were scouring the budget and the tax code for every dollar that could be saved. After four years of trillion-dollar deficits, federal debt is bumping up against the legal limit of $16.4 trillion.

The tax break for ?motorsports entertainment complexes,? a part of the tax bill signed Wednesday by President Obama, is estimated to cost $78 million over 10 years. It would cost more if it were extended again or made permanent, as the industry wants. By contrast, Congress sliced billions of dollars from hospitals and other health care providers.

A few years ago, enthusiasm for motor sports soared, but in recent years Nascar and others like the IndyCar Series have struggled. The recession crimped the wallets of Nascar?s typically middle-aged, working-class fan base.

The auto racetrack provision was one of many business tax breaks extended by Congress. Others continue tax incentives for film and television productions and for railroad track maintenance. Senator Tom Coburn, Republican of Oklahoma, included the auto racetrack provision in a long list of ?special interest giveaways.?

But supporters said it was justified, even at a time of big budget deficits. ?This tax provision is a job creator,? said Representative Mike Thompson, Democrat of California and co-chairman of the Congressional Motorsports Caucus.

Nascar, based in Daytona Beach and controlled by the France family, has an influential voice in Washington. Its employees made $347,400 in campaign contributions in the 2012 cycle, according to OpenSecrets.org, a site that tracks campaign donations.

Marcus Jadotte, a vice president of Nascar, said that while his company did not represent racetracks directly affected by the legislation, ?we support the efforts of Congress to preserve the same tax treatment that motorsports facilities have been operating under for decades.?

International Speedway, the Nascar sister company that owns and operates racetracks, derives 90 percent of its revenue from Nascar events.

Mr. Houser said the tax break could also benefit hundreds of racetracks owned by other companies like Speedway Motorsports and the Indianapolis Motor Speedway. Nascar and International Speedway are members of the National Motorsports Coalition, which lobbied for the tax break in meetings with lawmakers.

Wayne Allard, a Republican former senator from Colorado who is now vice president for government relations at the American Motorcyclist Association, a member of the coalition, said that membership and interest in the association had waned, with the group now running about 3,000 events a year, down from 4,000. The tax break, besides encouraging physical improvements at tracks and creating jobs, could help ?prop up our membership,? he said.

Among those who lobbied for the tax break was John F. Kelly Jr. of Cornerstone Government Affairs, a Capitol Hill firm that represents International Speedway. Mr. Kelly was a tax policy adviser at the Treasury Department under President George W. Bush and then director of federal relations for Walmart.

Robert Pear reported from Washington, and Mary Pilon from New York. Viv Bernstein contributed reporting from Charlotte, N.C.

Source: http://www.redliontrader.com/streamingnews/i-lost-my-car-will-insurance-pay/

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