Motorsports Fairness and Permanency Act

Motorsports Fairness and Permanency Act - Amends the Internal Revenue Code to make permanent the accelerated depreciation (seven-year recovery period) of motorsports entertainment complexes.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4933 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4933

To amend the Internal Revenue Code of 1986 to make permanent the 7-year 
        recovery period for motorsports entertainment complexes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 20, 2014

Mr. Reed (for himself, Mr. Hudson, Mr. Posey, Mr. Collins of New York, 
  Mr. Westmoreland, Mr. McHenry, Mrs. Ellmers, Mr. Rooney, Mr. Roe of 
  Tennessee, Mr. Sessions, Mr. DeSantis, Mr. Duncan of Tennessee, Mr. 
Rogers of Alabama, Mr. Mica, Mr. Schweikert, Mr. Walberg, Mr. Hastings 
 of Washington, Mr. Yoder, Mr. Coble, Mr. Thompson of California, Mr. 
Carson of Indiana, Mr. Loebsack, Mr. Peters of Michigan, Mr. Bishop of 
Georgia, Ms. Titus, Ms. Wasserman Schultz, Mr. David Scott of Georgia, 
  Mr. Enyart, Mrs. Negrete McLeod, Mr. Cartwright, Mr. Grijalva, Ms. 
    Kuster, Mr. Pastor of Arizona, Mr. Foster, Mrs. Napolitano, Mr. 
  Horsford, Mr. Lewis, and Mr. Maffei) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to make permanent the 7-year 
        recovery period for motorsports entertainment complexes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Motorsports Fairness and Permanency 
Act''.

SEC. 2. 7-YEAR RECOVERY PERIOD FOR MOTORSPORTS ENTERTAINMENT COMPLEXES 
              MADE PERMANENT.

    (a) In General.--Section 168(i)(15) of the Internal Revenue Code of 
1986 is amended by striking subparagraph (D).
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2013.
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