IOWA SPEEDWAY: Governor Signs NASCAR Tax Break Bill

branstad

The governor went to Newton Wednesday to sign a bill that will continue to help the Iowa Speedway.

It gives new owner, NASCAR, the same tax breaks as the previous owner.

The previous deal was that the facility would get a tax break as long as it is Iowa owned. But that requirement was dropped this session.

The legislation allows for the tax rebate through 2026 but caps the amount at $12.5 million.

“We know the speedway supports numerous jobs and business throughout the Newton area,” Governor Branstad said. “They also do a great job of supporting ethanol which is important to Iowa farmers and we have many ethanol plants in the state of Iowa and it’s made a real difference to the farming income and really good jobs.”

Opening day at the Iowa Speedway is May 17th.