summary
Introduced
07/22/2021
07/22/2021
In Committee
07/22/2021
07/22/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to make permanent the 7-year recovery period for motorsports entertainment complexes.
AI Summary
This bill makes permanent the 7-year recovery period for motorsports entertainment complexes under the Internal Revenue Code of 1986. The 7-year recovery period allows motorsports entertainment complexes to depreciate their assets over a 7-year period for tax purposes, providing them with favorable tax treatment compared to other types of businesses. By making this provision permanent, the bill aims to provide long-term certainty and stability for the motorsports industry.
Committee Categories
Budget and Finance
Sponsors (9)
Mike Thompson (D)*,
Drew Ferguson (R),
Richard Hudson (R),
Stephanie Murphy (D),
Bill Posey (R),
Tom Reed (R),
Terri Sewell (D),
Jackie Walorski (R),
Michael Waltz (R),
Last Action
Referred to the House Committee on Ways and Means. (on 07/22/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/4674/all-info | 07/23/2021 |
| BillText | https://www.congress.gov/117/bills/hr4674/BILLS-117hr4674ih.pdf | 08/09/2021 |
| Bill | https://www.congress.gov/117/bills/hr4674/BILLS-117hr4674ih.pdf.pdf | 08/09/2021 |
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