Motorsports Fairness and Permanency Act

Bill: 114-hr-1549
Sponsor: full_name: Rep. Reed, Tom [R-NY-23]
Introduced: 2015-03-23
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Motor vehicles

Sports and recreation facilities
Latest action: action_date: 2015-03-23
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-03-23
action_desc: Introduced in House
text: <p><strong>Motorsports Fairness and Permanency Act </strong></p> <p>Amends the Internal Revenue Code to make permanent the accelerated depreciation (seven-year recovery period)&nbsp;of motorsports entertainment complexes.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1549 IN THE HOUSE OF REPRESENTATIVES March 23, 2015 Mr. Reed (for himself, Mr. Thompson of California , Mr. DeSantis , Mr. Kinzinger of Illinois , Mr. Bishop of Georgia , Mr. Mica , Mr. Cartwright , Mr. Posey , Ms. Wasserman Schultz , Mr. Hudson , Mr. Gallego , Mr. Roe of Tennessee , Ms. Kuster , Mr. Westmoreland , Mrs. Napolitano , Mr. Schweikert , Mr. David Scott of Georgia , Ms. Titus , Mr. Yoder , Mrs. Torres , Mr. Valadao , and Mr. Foster ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to make permanent the 7-year recovery period for motorsports entertainment complexes.

1. Short title This Act may be cited as the Motorsports Fairness and Permanency Act . 2. 7-year recovery period for motorsports entertainment complexes made permanent (a) In general Section 168(i)(15) of the Internal Revenue Code of 1986 is amended by striking subparagraph (D). (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2014.