Major progress was made at the Capitol this week to help ensure the future success of the Iowa Speedway. I helped pass Senate File 2341with a solid majority of 82-14. The bill now goes to the Governor’s desk. Hopefully, he will sign it into law.
This bill adds 10 years to a tax rebate that was legislated in 2006, when the Iowa Speedway was first established. It does not increase the amount of the capped rebate.
If this bill is signed by the Governor, it will be a significant step to ensure NASCAR’s long-term vision for the Iowa Speedway becomes reality.
This rebate is a performance-based incentive that only benefits Iowa Speedway if there is increased economic activity. If there are no sales, there’s no sales tax.
In fact, in order to reach the cap, Iowa Speedway would need to generate three times the sales at the track that the previous owners generated. The rebate is a low cost, low risk performance incentive for Iowa Speedway and a win for Iowans.
It is no secret that the Iowa Speedway has had financial challenges. The previous owners were successful in getting the Speedway established during a difficult economic period.
NASCAR ownership is a game-changer. I’ve discussed NASCAR’s long-term vision for the Iowa Speedway with track president, Jimmy Small. It is a vast departure from the status quo.
NASCAR plans to transform the Iowa Speedway into a popular regional attraction and make it a powerful economic engine for the state. NASCAR and Jimmy’s staff are committed to working in close collaboration with Newton and the state to maximize the economic potential of the Iowa Speedway.
Owning a home is a dream for many Iowans who work hard every day and try to save up for a down payment. A bill we approved will help make that a bit easier.
Iowans will be able to set up a special savings account at their local credit union or bank to save for their first home. A portion of the money saved (up to $3,000 or $6,000 for couples) can then be deducted from state income taxes.
The account can be open for up to 10 years. The idea is to help young Iowans and families start saving early for their first home. It’s a simple way we can make things a bit easier for the middle class and help families achieve home ownership.
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I am proud to represent Newton,Baxter, Colfax, Kellogg, Lambs Grove, Mingo, Ira, Prairie City, and Valeria. Feel free to contact me by phone at 641-521-9260 or by email at dan.kelley@legis.iowa.gov. Please visit my website at www.electkelley.com and follow me on Facebok.