Motorsports Fairness and Permanency Act

Bill: 114-s-1624
Sponsor: full_name: Sen. Stabenow, Debbie [D-MI]
Introduced: 2015-06-18
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Motor vehicles

Sports and recreation facilities
Latest action: action_date: 2015-06-18
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-06-18
action_desc: Introduced in Senate
text: <p><strong>Motorsports Fairness and Permanency Act</strong></p> <p>Amends the Internal Revenue Code to make permanent the classification, for depreciation purposes, of any motorsports entertainment complex as seven-year property.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1624 IN THE SENATE OF THE UNITED STATES June 18, 2015 Ms. Stabenow (for herself, Mr. Burr , Mrs. Shaheen , Ms. Ayotte , Mr. Peters , Mr. Wicker , Mr. Nelson , Mr. Cochran , Mr. Warner , and Mr. Moran ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To provide predictability and certainty in the tax law, create jobs, and encourage investment.

1. Short title This Act may be cited as the Motorsports Fairness and Permanency Act . 2. 7-year class life for motorsports entertainment complex facilities 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.