Iowa House clears auto racing tax break extension

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DES MOINES, Iowa (AP) - A tax break extension for the Iowa Speedway at Newton has won the Iowa House’s approval.

The House voted 82-14 in favor of the measure Wednesday, returning it to the Senate for final consideration.

The racetrack in Newton already receives a state sales tax rebate, but it will expire on Jan. 1, 2016. The tax break has been contingent upon 25 percent of Iowa Speedway’s ownership remaining in the state.

That requirement would be removed under the proposal, since the Speedway was bought by NASCAR last year. The plan also would extend the tax break by 10 years and would maintain a rebate limit of $12.5 million.

Rep. Thomas Sands, a Republican from Wapello, says approving the extension would benefit not only Newton, but the entire state.

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