Fiscal Cliff allows NASCAR 70 Mil Tax Credits

http://sports.yahoo.com/blogs/nascar-from-the-marbles/nascar-gets-nice-little-70-million-perk-fiscal-203238580--nascar.html

With minutes to spare, the president and Congress pulled America away from the fiscal cliff, a deal reached amid partisan posturing and acrimony, which ... OK, look, I know you didn't come here for any kind of political nonsense, so let's get to it: the fiscal cliff deal, which saves most of us some money but costs most drivers a lot more, has buried within its dank recesses a nice little perk for many of your favorite race tracks.

Here's the deal: NASCAR tracks stand to benefit from an estimated $70 million in tax credits— due to an extension included in the fiscal cliff deal. [Note: An earlier version of this article characterized the tax credit in an unclear fashion.]

The so-called "NASCAR tax credit" allows "certain motorsports racing track facilities" (not just NASCAR ones) to write off their costs over just seven years, rather than the usual 15 to 39 years. Compacting the writeoff period allows the tracks to pay fewer taxes over that time. The tax credit is located under section 168(i)(15) of the federal tax code, but you already knew that.

If you have eaten lately, you might not want to click this link — it's a rundown of every special interest that gained in the fiscal cliff deal. Railroads, electric motorcycle makers, Hollywood, and rum producers were among the others who gained from the fiscal cliff deal.