summary
Introduced
10/06/2021
10/06/2021
In Committee
10/06/2021
10/06/2021
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. This provision allows owners and operators of motorsports facilities, such as racetracks, to depreciate the cost of their investments over a 7-year period rather than the standard 39-year period for commercial buildings. This change aims to provide more favorable tax treatment and certainty for the motorsports industry.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 10/06/2021)
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/senate-bill/2940/all-info | 10/07/2021 |
| BillText | https://www.congress.gov/117/bills/s2940/BILLS-117s2940is.pdf | 10/13/2021 |
| Bill | https://www.congress.gov/117/bills/s2940/BILLS-117s2940is.pdf.pdf | 10/13/2021 |
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