TAX BREAKS: Iowa Speedway Bill Passes Senate

iowa speedway

Two bills that would give financial incentives to a pair of Iowa racetracks are moving forward at the Statehouse.

The full Senate approved a bill to extend a tax break for the new owners of the Iowa Speedway, Monday evening.

When the track opened it was given a tax credit as long as it was Iowa owned. Last year it was sold to NASCAR. The Senate bill would give NASCAR the same home town discount as the previous owners.

The bill now goes to the Iowa House.

Also on Monday, a House subcommittee approved a bill that would give a tax break to the Knoxville Raceway.

The sprint car track would receive a state sales tax rebate of $2 million to help cover the costs of an expansion project.

It now moves on to the full House Ways and Means Committee.