We're SAVED!

[NismoZ]

The economic rescue/bailout plan is certain to pass now. The Senate has promised $109 million to NASCAB track owners in the form of tax breaks. God, I love this country! (probably better than the $6 mil. promised to the makers of (toy?) wooden arrows in Washington State.)

[cameraman]

You really do have to wonder why there is a $0.42 federal excise tax on every shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly measures 18 inches overall or more in length, or measures less than 18 inches overall in length but is suitable for use with a bow described in paragraph (1)(A)...

It is nationwide not just Washington State.

[cameraman]

As for the tracks, they extended the window on a much reduced depreciation cycle.

(a) General rule
Except as otherwise provided in this section, the depreciation deduction provided by section 167(a) for any tangible property shall be determined by using -
(1) the applicable depreciation method,
(2) the applicable recovery period, and
(3) the applicable convention.
(b) Applicable depreciation method
For purposes of this section -
(1) In general
Except as provided in paragraphs (2) and (3), the applicable depreciation method is -
(A) the 200 percent declining balance method,
(B) switching to the straight line method for the 1st taxable year for which using the straight line method with respect to the adjusted basis as of the beginning of such year will yield a larger allowance.
(2) 150 percent declining balance method in certain cases Paragraph (1) shall be applied by substituting ''150 percent'' for ''200 percent'' in the case of -
(A) any 15-year or 20-year property not referred to in paragraph (3),
(B) any property used in a farming business (within the meaning of section 263A(e)(4)), or
(C) any property (other than property described in paragraph
(3)) with respect to which the taxpayer elects under paragraph
(5) to have the provisions of this paragraph apply.
(3) Property to which straight line method applies
The applicable depreciation method shall be the straight line method in the case of the following property:
(A) Nonresidential real property.
(B) Residential rental property.
(C) Any railroad grading or tunnel bore.
(D) Property with respect to which the taxpayer elects under paragraph (5) to have the provisions of this paragraph apply.
(E) Property described in subsection (e)(3)(D)(ii).
(F) Water utility property described in subsection (e)(5).
(G) Qualified leasehold improvement property described in subsection (e)(6).
(H) Qualified restaurant property described in subsection (e)(7).

Gets applied to tracks as follows:


(15) Motorsports entertainment complex.--
(A) In general.--The term `motorsports entertainment complex' means a racing track facility which--
(i) is permanently situated on land, and
(ii) during the 36-month period following the first day of the month in which the asset is placed in service, hosts 1 or more racing events for automobiles (of any type), trucks, or motorcycles which are open to the public for the price of admission.
(B) Ancillary and support facilities.--Such term shall include, if owned by the taxpayer who owns the complex and provided for the benefit of patrons of the complex--
(i) ancillary facilities and land improvements in support of the complex's activities (including parking lots, sidewalks, waterways, bridges, fences, and landscaping),
(ii) support facilities (including food and beverage retailing, souvenir vending, and other nonlodging accommodations), and
(iii) appurtenances associated with such facilities and related attractions and amusements (including ticket booths, race track surfaces, suites and hospitality facilities, grandstands and viewing structures, props, walls, facilities that support the delivery of entertainment services, other special purpose structures, facades, shop interiors, and buildings).
(C) Exception.--Such term shall not include any transportation equipment, administrative services assets, warehouses, administrative buildings, hotels, or motels.
(D) Termination.--Such term shall not include any property placed in service after December 31, 2007.

I'm sure Larry Miller is happy.

[NismoZ]

"is permanently situated on land"!? What about the poor boat racing people!?:irked:

[Steve99]

"is permanently situated on land"!?

Street racing losers need not apply.