Buchanan, Nelson drive NASCAR racetrack tax breaks effort

Submitted by Anonymous on October 25, 2011 - 9:07am

U.S. Rep. Vern Buchanan, R-Sarasota, has proposed HR 3087, Motorsports Fairness and Permanency Act of 2011, that offers tax savings for construction on racetracks.

Sen. Bill Nelson, D-Fla., is a co-sponsor of the Senate version, S 1174, which was filed in Juneby Sen. Debbie Stabenow, D-Michigan.

The proposal could save NASCAR racetracks up to $400 million in taxes, according to the Sarasota Herald-Tribune.

The legislation is backed in the House by 14 congressmen, including Reps. Mario Diaz-Balart, R-Miami, John Mica, R-Winter Park, Bill Posey, R-Rockledge.