DAYTONA BEACH, Fla.—Many American taxpayers weren't the only ones breathing a sigh of relief Jan. 2 after Washington lawmakers finally came to an agreement to avoid the dreaded fiscal cliff.
NASCAR and its track owners also were the unlikely beneficiaries of the new legislation, signed into law by President Barack Obama. The racing series, which is based in Daytona Beach, will see some of its track owners receive a $70 million break in the new deal. International Speedway Corp., which is primarily owned by NASCAR's first family, the Frances, operates 12 of the tracks used on the Sprint Cup circuit, while Speedway Motorsports owns eight of the Cup tracks.
According to a report by ABC News, the money comes as an extension of a “seven-year cost recovery period for certain motorsports racing track facilities.”
The $70 million price tag is an estimate of lost tax revenue if current tax credits, which are scheduled to expire, are extended for a year.
This report appeared in Autoweek magazine, a Detroit-based companion publication of Tire Business.