CBS 2 - Search Results
Speedway Tax Break Bill Moves To House
DES MOINES, Iowa (AP) -- A bill that extends a sales tax rebate for the Iowa Speedway in Newton by 10 years has passed the Iowa Senate and moves to the House.
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 by a change of control.
The bill, which passed 36-9, 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.
Sen. Mark Chelgren, a Republican from Ottumwa, opposed the bill saying a 10-year extension of tax credits is excessive.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.