$100 Million for Auto Race track Owners?

[SSDiv6]

Recognizing that it may turn in to a political discussion...but please, let's have some good and smart comments on the subject...

I just read in the newpaper that lawmakers added to the $700 Billion dollar tax relief bailout, a tax relief of $100 Million dollars to benefit auto racetrack owners. The earmark would allow auto racetrack owners to depreciate their facilities over seven years.

http://smokeandpassion.blogspot.com/

Will this include NHRA?

[Rob Petrie E395]

Thats a new one for me bailing out auto racetracks. I know the horse racing industry lobbyests have been looking for some help but had no idea about this. Can anyone on here expand on this as to what exactly they are getting it for and whos getting it . I got a feeling one of the owners initials might be BS and we just saw his newest track a couple of weeks ago. Not that thats all bad either although I still dont like the idea of bailouts, recovery plans, or whatever they are calling it today.

[Michael Compton]

All it is is an extension of a previous law passed in 2004 allowing auto racetrack owners to depreciate their facilities over a 7 year period. Their was no bailout only an extension. I assume the reason it has $100 million next to it would be the amount if money the government expects to lose in revenue.

[Rob Petrie E395]

Originally Posted by Michael Compton

All it is is an extension of a previous law passed in 2004 allowing auto racetrack owners to depreciate their facilities over a 7 year period. Their was no bailout only an extension. I assume the reason it has $100 million next to it would be the amount if money the government expects to lose in revenue.

OK that make some sense to me. They must be using this to depreciate the additions/remodeling to the tracks already in existance and not a whole new track like the charlotte drag strip all at once. wouldnt that be tuff to depreciate a mutimillion dollar track in just 7 years.

I most likely did not word this right but I hope you get what I mean. I am used to small business stuff where they make us depreicate a item like a automotive lift or alignment machine over 7 years and big money stuff like my building quite a bit longer

Thank God I have a good tax man its hard enoughf to just make it in a small business without having to be a accountant/ Tax man too.

[Tom P]

The hundred million so should go to demolishing the White House and Pentagon and building race tracks in place of them. Racers seem to be much better at running things and handling problems and ill-conceived rules.

Racers seem to get along well with racers from other countries.

[Ed Fernandez]

Originally Posted by Tom P

The hundred million so should go to demolishing the White House and Pentagon and building race tracks in place of them. Racers seem to be much better at running things and handling problems and ill-conceived rules.

Racers seem to get along well with racers from other countries.

You better take reading comprhension classes if you think drag racers would do a good job of running anything.90% of the threads here turn into pissing contests and or insult matches.The exceptions,and rightfully so,are the well wishes for health and personel problems.After that it's WW III.

Ed F.

Bailouts are no solution for bad/stupid business decisions.