U.S. Senators Todd Young and Mark R. Warner have introduced the Motorsports Fairness and Permanency Act, a bill aimed at making permanent a tax classification for depreciating assets in motorsports entertainment facilities. This legislation is intended to facilitate planning improvements and safety updates at these venues, which are expected to generate additional jobs and economic benefits for nearby communities.
“Motorsports are ingrained in Indiana’s history and culture and play a major role in our state’s economy,” stated Senator Young. “This bill will make a simple fix to our tax code to give speedways the ability to make needed improvements, invest in safety, and enhance the spectator experience.”
Senator Warner added that the Act would “offer speedways the freedom to make long-term investments and upgrades to their facilities.” He emphasized its potential benefits for driver safety, fan experience, and job support within racing communities.
Since 2004, Congress has passed temporary extensions allowing investments within motorsports complexes to qualify for a seven-year recovery period for tax purposes. The current provision is set to expire at the end of 2025. If not renewed, many motorsports assets could be reclassified under longer depreciation periods of 15 or 39 years, putting racetracks at a disadvantage compared with other sports facilities. The new Act seeks to make the seven-year schedule permanent.
Doug Boles from Indianapolis Motor Speedway expressed support: “Investing in our infrastructure and customer experience is a constant emphasis… this legislation is beneficial.” Reece O’Connor from Kokomo Speedway noted that it provides certainty necessary for continued investment.
The bill also has backing from organizations such as the Automobile Competition Committee for the United States (ACCUS), Specialty Equipment Market Association (SEMA), and Performance Racing Industry (PRI). Senators Young and Warner had previously introduced similar legislation in 2023.
