Vote Smart's Synopsis:

Vote to pass a bill that establishes a motorsports investment district to collect and allocate taxes, effective immediately.

Highlights:

• Authorizes the Indiana finance authority to establish a “motorsports investment district” if capital improvements in the district will (Sec. 4):
• Have a positive effect on the activities of the motorsports facility;
• Increase or maintain state and local tax revenue; and
• Benefit the public health and welfare.

• Defines the “motorsports investment district” as a special taxing district that consists of the geographic area within a motorsports facility, adjacent property related to the operations of the facility, and adjacent property owned by the owner of the facility (Sec. 4).

• Requires a qualified motorsports facility to meet the following requirements (Sec. 4):
• Located within the town of Speedway;
• Used for professional motorsports racing events;
• Has a motorsports racetrack greater than 2 miles in length; and
• Holds at least 2 professional motorsports racing events at which the combined admissions total at least 200,000.

• Establishes the Professional Motorsports Development Area Fund for a motorsports investment district to be allocated for structural and capital improvements (Sec. 4).

• Authorizes the motorsports investment district to collect sales and income tax generated within the district and allocate them to the Professional Motorsports Development Area Fund with the following limitations (Sec. 4):
• The amount of taxes collected and allocated may not exceed $5 million annually; and
• The motorsports investment district may collect and allocate taxes for no more than 20 years.

Full Bill Text