Cedar Rapids, Iowa News, Sports, and Weather
Legislative Panel Approves Tax Breaks for Iowa Speedway
DES MOINES, Iowa (AP) A plan to extend a tax break provided last year to the Iowa Speedway at Newton has moved forward in the Iowa House.
The proposal received preliminary approval Wednesday from a House Ways and Means subcommittee. It will now be subject to committee-level review.
The racetrack in Newton receives a state sales tax rebate under current law, but the rebate is limited to sales occurring before January 1, 2016. The proposal seeks to extend the rebate by 10 years to sales occurring before January 1, 2026.
Racetrack officials say the tax break extension is needed not only to grow auto racing in Newton, but also to shine a spotlight on what central Iowa has to offer.
The Iowa Speedway, which opened in 2006, was bought by NASCAR last year.