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Iowa Speedway Tax Break Bill Advances
DES MOINES, Iowa (AP) -- A bill that extends a sales tax rebate for the Iowa Speedway in Newton by 10 years and allows its new owners to take advantage of the tax break has passed a Senate committee and moves to the full chamber.
The racetrack, bought by NASCAR in November, has about $9 million left on the tax rebate originally approved for the track. The original law said it could only be collected if the track was owned by an Iowa corporation and was nullified if a change of control reduced Iowa-based ownership.
The proposed bill allows NASCAR to collect the remaining $9 million through 2026.
Sen. Bill Dotzler, a Waterloo Democrat, says the money will help NASCAR make improvements to the track, which he called an Iowa gem.
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