A bill to amend the Internal Revenue Code of 1986 to allow a 7-year applicable recovery period for depreciation of motorsports entertainment complexes.

Amends the Internal Revenue Code to classify any motorsports entertainment complex asset as 7-year property for purposes of the accelerated cost recovery system.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1524 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                S. 1524

To amend the Internal Revenue Code of 1986 to allow a 7-year applicable 
     recovery period for depreciation of motorsports entertainment 
                               complexes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                July 31 (legislative day, July 21), 2003

 Mr. Santorum (for himself, Mr. Allen, Mr. Bunning, Mrs. Dole, and Mr. 
 Kyl) introduced the following bill; which was read twice and referred 
                      to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow a 7-year applicable 
     recovery period for depreciation of motorsports entertainment 
                               complexes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. 7-YEAR RECOVERY PERIOD FOR MOTORSPORTS ENTERTAINMENT 
              COMPLEXES.

    (a) 7-Year Property.--Subparagraph (C) of section 168(e)(3) of the 
Internal Revenue Code of 1986 (relating to classification of certain 
property) is amended by redesignating clause (ii) as clause (iii) and 
by inserting after clause (i) the following new clause:
                            ``(ii) any motorsports entertainment 
                        complex, and''.
    (b) Definition.--Section 168(i) of such Code (relating to 
definitions and special rules) is amended by adding at the end the 
following new paragraph:
            ``(15) Motorsports entertainment complex.--
                    ``(A) In general.--The term `motorsports 
                entertainment complex' means a racing track facility 
                that is permanently situated on land and which during 
                the applicable period is scheduled to host one or more 
                racing events for automobiles (of any type), trucks, or 
                motorcycles that are open to the public for the price 
                of admission.
                    ``(B) Ancillary and support facilities.--Such term 
                shall include, if owned by the complex and provided for 
                the benefit of patrons of the complex--
                            ``(i) ancillary grounds and facilities and 
                        land improvements in support of the complex's 
                        activities (including parking lots, sidewalks, 
                        waterways, bridges, fences, and landscaping),
                            ``(ii) support facilities (including food 
                        and beverage retailing, souvenir vending, and 
                        other nonlodging accommodations), and
                            ``(iii) appurtenances associated with such 
                        facilities and related attractions and 
                        amusements (including ticket booths, race track 
                        surfaces, suites and hospitality facilities, 
                        grandstands and viewing structures, props, 
                        walls, facilities that support the delivery of 
                        entertainment services, other special purpose 
                        structures, facades, shop interiors, and 
                        buildings).
                    ``(C) Exception.--Such term shall not include any 
                transportation equipment, administrative services 
                assets, warehouses, administrative buildings, hotels, 
                or motels.
                    ``(D) Applicable period.--For purposes of 
                subparagraph (A), the term `applicable period' means 
                the period ending the later of the last day of--
                            ``(i) the 24 month period following the 
                        first day of the month in which the asset is or 
                        was placed in service, or
                            ``(ii) the 24 month period ending December 
                        31, 2003, to the extent that the asset remains 
                        in service during such period.''.
    (c) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to any property placed in service before, on, or after 
        the date of the enactment of this Act.
            (2) Transition rule for property placed in service on or 
        before enactment.--In the case of property placed in service on 
        or before the date of the enactment of this Act, the taxpayer 
        may elect (in such form and manner as the Secretary may 
        prescribe), not to apply section 168 of the Internal Revenue 
        Code of 1986 (as amended by this section) to such property.
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