The Iowa Senate Ways & Means Committee approved Thursday Senate Study Bill 3162, which would extend the lengthy of time Iowa Speedway can benefit from a state sales tax break provided at its inception. The bill also allows the sales tax rebate to continue in spite of the track’s out-of-state ownership by NASCAR.
SSB 3162, floor managed by Sen. Bill Dotzler (D-Waterloo), would allow a 5-percent rebate of all state sales taxes collected at the track, up to a maximum of $12 million. So far, the track has received about $3.5 million from the incentive, which is due to sunset next year.
Currently, the incentive requires at least 25 percent of the racetrack’s ownership be from Iowa. NASCAR, which is based in North Carolina and Florida, owns 100 percent of the track.