SPEEDWAY REBATE: Bill Approved By Committee

speedway

A bill that would give a multi-million dollar tax break to the Iowa Speedway is moving forward.

The Newton track has received a rebate on state sales tax since it opened in 2006, but that was under the condition it was partially owned by Iowans.

Last year the track was sold to NASCAR and now no Iowans have a stake in it.

A bill approved by a Senate committee Thursday would renew and extend the rebate to NASCAR.

The bill must still clear the full Senate, House and be signed by the governor.

3 comments

  • William Denison

    This race track was a very poor idea from the start. Money loser and a butt of jokes for many.I myself would rather be enjoying life on my day off than watching abunch cars covered in greedy corporate logos drive around in circles. The state should not be giving these guys any breaks based on the tracks ticket sells. Why not tax these guys? Everyone else has to pay taxs even if their companys are not doing so well in this state. Just more waste from a state thats pretty much a waste.

  • John Williams

    This is a joke!!! Newton has already been robbed of past tax revenue and now the state wants to take from us future tax revenue. The deal was, AND IS, tax break only if owned or partially owned by Iowans.

    I also think this stupid 1% sales tax increase should go away. We sacrificed money for this stupid racetrack for what, 6 races per year?

    How much did this track cost? 30 million and what has it brought to Newton? Where is this huge entertainment complex we read so much about when this was first proposed? The shopping complex?

    Why was a tax break given in the first place? Other businesses have not gotten this. If they are getting tax breaks then officers and others should not be getting their huge paychecks. At OUR expense!!!!

    Is there anyone out there who knows of a grassroots campaign to halt this crap?? Email me!! I will be on board.

  • Troy V

    State is picking winners and losers from what I see. They killed the bill to help Knoxville Raceway even though they bring in the same amount of tourism $$$’s (if not more) yet conttinue to fall over themselves to give a multi-million dollar company more $$$.
    It’s either good for all, or good for none. Someone needs to combine ALL the bills that involve tax rebates into one. It either passes or it fails.

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