Motorsports Fairness and Permanency Act of 2019

Bill: 116-s-1141
Sponsor: full_name: Sen. Stabenow, Debbie [D-MI]
Introduced: 2019-04-11
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Motor vehicles

Sports and recreation facilities
Latest action: action_date: 2019-04-11
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-04-11
action_desc: Introduced in Senate
text: <p><strong>Motorsports Fairness and Permanency Act </strong><b>of 2019</b></p> <p>This bill modifies the requirements for calculating taxable income to make permanent the accelerated depreciation (seven-year recovery period)&nbsp;of motorsports entertainment complexes.</p>

tv_txt: II 116th CONGRESS 1st Session S. 1141 IN THE SENATE OF THE UNITED STATES April 11, 2019 Ms. Stabenow (for herself and Mr. Burr ) 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 of 2019 . 2. 7-year applicable recovery period 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, 2017.