SPEEDWAY TAX REBATE ON A FAST TRACK

Rod Boshart
Published: March 31 2014 | 5:10 pm - Updated: 1 April 2014 | 10:23 am in

Gov. Terry.Branstad says he plans to sign legislation that will continue a state sales tax rebate for the Iowa Speedway at Newton and extend the potential $12.5 million benefit until 2026. The governor said Monday he will sign Senate File 2341 – which passed the Iowa Senate 36-9 and the Iowa House 82-14 -- at an event in Newton. He plans to sign the bipartisan measure before he and Lt. Gov. Kim Reynolds hold a Jasper County “Iowa is Working” town hall meeting. In approving Senate File 2341, the split-control Legislature agreed to forego the previous requirement that the track be an Iowa-owned entity, noting that the new owner is an Iowa LLC and that the venue has a substantial economic benefit both locally and statewide. Last November NASCAR announced that the sanctioning body had itself bought the 7/8-mile track 30 miles east of Des Moines. To facilitate the track, which opened in 2006, lawmakers agreed to rebate the 5 percent state sales tax through 2016 with an expected $12.5 million benefit. So far, the track has recouped about $3.5 million and the proposed legislative change would ensure the remaining $9 million tax benefit through 2026. Voters also approved local option and school infrastructure sales taxes total 2 cents – revenue which is retained locally, not by the track.

 

Have you found an error or omission in our reporting? Is there other feedback and/or ideas you want to share with us? Tell us here.



Featured Jobs from corridorcareers.com