Motorsports Fairness and Permanency Act of 2021

Bill: 117-hr-4674
Sponsor: full_name: Rep. Thompson, Mike [D-CA-5]
Introduced: 2021-07-22
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Motor vehicles

Sports and recreation facilities
Latest action: action_date: 2021-07-22
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-07-22
action_desc: Introduced in House
text: <p><strong>Motorsports Fairness and Permanency Act </strong><b>of 2021</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: I 117th CONGRESS 1st Session H. R. 4674 IN THE HOUSE OF REPRESENTATIVES July 22, 2021 Mr. Thompson of California (for himself, Ms. Sewell , Mrs. Murphy of Florida , Mr. Posey , Mr. Reed , and Mrs. Walorski ) 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 of 2021 . 2. 7-year recovery period for motorsports entertainment complexes made permanent Section 168(i)(15) of the Internal Revenue Code of 1986 is amended by striking subparagraph (D).