Branstad signs Iowa Speedway tax break into law

Story Topics
Question of the Day

Is it still considered bad form to talk politics during a social gathering?

View results

NEWTON, Iowa (AP) - The Iowa Speedway in Newton can continue collecting tax credits from sales made at the racetrack.

Iowa Gov. Terry Branstad traveled to Newton on Wednesday to sign a bill extending the tax break for the Speedway.

The racetrack had previously received a state sales tax rebate, but it was set to expire on Jan. 1, 2016. The tax break had been contingent upon 25 percent of Iowa Speedway’s ownership remaining within the state.

Under the law, that ownership requirement is removed, since the Speedway was bought by NASCAR last year. The law also extends the tax break by 10 years and maintains a rebate limit of $12.5 million.

The bill won overwhelming support in both the House and the Senate.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments
blog comments powered by Disqus