Motorsports Fairness and Permanency Act of 2023

Bill: 118-s-2462
Sponsor: full_name: Sen. Warner, Mark R. [D-VA]
Introduced: 2023-07-25
Policy area: Taxation
Latest action: action_date: 2023-07-25
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-07-25
action_desc: Introduced in Senate
text: <p><strong>Motorsports Fairness and Permanency Act </strong><b>of 2023</b></p> <p>This bill makes permanent the accelerated depreciation (seven-year recovery period)&nbsp;of motorsports entertainment complexes.</p>

tv_txt: II 118th CONGRESS 1st Session S. 2462 IN THE SENATE OF THE UNITED STATES July 25, 2023 Mr. Warner (for himself and Mr. Young ) introduced the following bill; which was read twice and referred to the Committee on Finance 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 2023 . 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).