Jan 2, 2014, 12:39 PM EDT
This is one from the business of racing department, but the so-called “NASCAR loophole” that accelerates the depreciation of race tracks, and thus provided a small tax break for builders, is pretty much gone for 2014, per a report from the Washington Post.
According to that report, this break allowed NASCAR tracks to, in theory, compete on a level playing field with other theme parks. An earlier Post report from June 2012 said the cut expired itself at the end of 2011, as it was not renewed by Congress. The revenue impact though, wouldn’t happen until Fiscal Year 2013.
The loophole could occur because, according to a 2012 Daily Beast report, NASCAR racetrack owners could deduct the depreciation over seven years instead of the government-estimated 39 years. The cost to the government was estimated at that time at $40 million per year, and the cost to extend, per the Post today, would be $50 million annually.
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