Thompson, Reed, Posey Introduce Motorsports Fairness and Permanency Act
Washington – Today House Ways and Means Select Revenue Measures Subcommittee Chairman Rep. Mike Thompson (CA-05), Representative Tom Reed (NY-23) and Representative Bill Posey (FL-08), Co-Chair of the Congressional Motorsports Caucus, announced the introduction of the bipartisan Motorsports Fairness and Permanency Act, a bill that makes permanent the seven-year cost recovery period for motorsports entertainment complexes, giving these economic drivers the tax certainty needed to make long-term investments in safe racing environments.
“Motorsports are a huge economic driver, both across the country and in our district, and the tracks used require constant investments to ensure they are safe for drivers and spectators alike. To make these investments, everyone in the industry needs long-term certainty about what they can rely on in our tax code, but in 2017, the provisions that provided that certainty expired,” said Chairman Thompson. “That’s why I introduced my bill, the Motorsports Fairness and Permanency Act, which make the seven-year cost recovery period permanent for the industry, incentivizing more investment and ensuring motorsports facilities have the same advantages as other entertainment complexes. This is a simple fix that will allow the motorsports community to continue contributing to our economic success.”
“Our district is home to Watkins Glen International – the world’s premier racing facility – so we’re proud to reintroduce the Motorsports Fairness and Permanency Act,” said Rep. Reed. “This common-sense legislation will provide economic certainty the motorsports industry needs, both in our district and across the country, to continue investing in our communities.”
“This important legislation will help family-owned race tracks across our nation improve the driver and fan experience, create jobs and, most importantly, enhance event safety features,” said Rep. Posey.
The motorsports industry adds more than $37 billion each year to our economy and supports more than 250,000 jobs generated by 1,200 facilities around the nation.
Congressman Mike Thompson is proud to represent California’s 5th Congressional District, which includes all or part of Contra Costa, Lake, Napa, Solano and Sonoma Counties. He is a senior member of the House Committee on Ways and Means where he chairs the Subcommittee on Tax Policy. Rep. Thompson is Chairman of the House Gun Violence Prevention Task Force. He is also Co-Chair of the bipartisan, bicameral Congressional Wine Caucus and a member of the fiscally-conservative Blue Dog Coalition.