ON THE FASTTRACK

Rod Boshart
Published: March 20 2014 | 3:05 pm - Updated: 1 April 2014 | 9:55 am in

Legislation to allow the new owner of the Iowa Speedway at Newton to continue receiving a state sales tax rebate and extending the potential $12.5 million benefit until 2026 won unanimous approval from the House Ways and Means Committee Thursday. The sales tax rebate was approved by a previous Legislature, but limited the benefit to in-state owners. Ways and Means Chairman Tom Sands, R-Wapello, recommended extending the rebate to out-of-state owners because NASCAR has purchased the track the seven-eighths-mile track 30 miles east of Des Moines. “It’s important to welcome new owners,” Sands said, who will partner with Iowa, Newton and the surrounding area “to move it forward, make it an asset, providing both wealth and revenue for local governments.” Rep. Dan Kelley, D-Newton, said the track has a $50 million annual impact and has become a source of community pride. “Newton no longer is defined by our loss … but as home of the Iowa Speedway,” he said. A similar bill, SF 2341, is in the Senate Ways and Means Committee.

 

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