# Plain Language Summary: Motorsports Fairness and Permanency Act of 2023

This bill makes a tax break for motorsports venues permanent. Right now, companies that own racetracks and other motorsports entertainment complexes get to deduct the cost of their facilities from their taxes over a 7-year period instead of a longer timeframe. This is called "depreciation," and it basically lets businesses write off their investments faster, which reduces the taxes they owe. However, this special 7-year deal was set to expire at a certain point. This bill removes that expiration date and makes the tax break permanent, so motorsports venues will always be able to use this faster depreciation schedule.

The practical effect is that owners of racetracks, speedways, and similar motorsports facilities will continue to get a tax advantage compared to other types of businesses. Instead of spreading out their deductions over a longer period, they can claim larger tax deductions sooner, which means lower tax bills in the near term. This could make it more attractive to invest in building or upgrading motorsports venues since the financial benefits come faster.

For regular taxpayers, this means the federal government will collect less tax revenue from these businesses, though the impact is likely modest since there aren't that many large motorsports complexes. The bill essentially locks in a tax preference that was previously temporary, giving the motorsports industry certainty that this benefit won't disappear in the future.

Motorsports Fairness and Permanency Act of 2023

Tenney, Claudia

Motorsports Fairness and Permanency Act of 2023 This bill makes permanent the accelerated depreciation (seven-year recovery period)&nbsp;of motorsports entertainment complexes.