Panel clears tax rebate for Knoxville Raceway

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DES MOINES, Iowa (AP) - A proposal to provide a state tax credit of up to $2 million to the Knoxville Raceway has advanced in the Iowa Senate.

The plan received the approval of the Senate Ways and Means Committee on Tuesday and is now eligible for floor debate.

Under the proposal, the racetrack in Knoxville would receive a state sales tax rebate to help fund an expansion. The rebate would be capped at $2 million or 25 percent of the total project cost, and the track would be eligible to receive the rebate from Jan. 1, 2015, to Jan. 1, 2025.

The offer follows a similar credit provided for the Iowa Speedway at Newton, approved by the Legislature and signed by Gov. Terry Branstad earlier this month.

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