With minutes to spare, the president and Congress pulled America away from the fiscal cliff, a deal reached amid partisan posturing and acrimony, which ... OK, look, I know you didn't come here for any kind of political nonsense, so let's get to it: the fiscal cliff deal, which saves most of us some money but costs most drivers a lot more, has buried within its dank recesses a nice little perk for many of your favorite race tracks.
Here's the deal: NASCAR tracks stand to save an estimated $70 million — in other words, NASCAR tracks will hang onto $70 mil that otherwise would have ended up in the U.S. Treasury — due to a tax credit extension included in the fiscal cliff deal.
The so-called "NASCAR tax credit" allows "certain motorsports racing track facilities" to write off their costs over just seven years, rather than the usual 15 to 39 years. Compacting the writeoff period allows the tracks to pay fewer taxes over that time. The tax credit is located under section 168(i)(15) of the federal tax code, but you already knew that.
If you have eaten lately, you might not want to click this link — it's a rundown of every special interest that gained in the fiscal cliff deal. Railroads, electric motorcycle makers, Hollywood, and rum producers were among the others who gained from the fiscal cliff deal.
First track to do a "Thanks for not pushing us over the fiscal cliff!" ticket promotion wins ... well, nothing, because they're already saving tax money. But they should do it anyway.
-Follow Jay Busbee on Twitter at @jaybusbee.-
