SPEEDWAY FUNDING: Track Wants Tax Break Extension
Iowa Speedway officials got some mixed signals at the Statehouse Thursday.
Track officials are asking to keep the millions of dollars in tax breaks lawmakers approved in 2006.
The tax breaks were contingent upon the track being Iowa-owned. Now that it’s been sold to NASCAR, the top Senate Democrat wants to keep offering the breaks.
“I think the legislature and the governor, the state government always tries to be responsive to be partners with local governors to do things that will grow jobs and grow income in the state of Iowa,” Sen. Mike Gronstal said.
The Speedway hasn’t brought in as much money as the original owners hoped it would. The new owners not only want the remaining $9 million in credits but they also want to extend the period to 2026.
Iowa’s Republican House speaker says he wants NASCAR to commit to improving the track, not just keeping it the way it is.
“If this is about making a great venue even greater, then I think the legislature would like to have that conversation. But if this is just about maintaining the status quo,” Speaker Kraig Paulsen said.
Paulsen wants NASCAR to commit to giving Newton a Sprint Cup Series race – the sport’s premier level, in order to draw in more fans.