H.R. 3087 (112th): Motorsports Fairness and Permanency Act of 2011

112th Congress, 2011–2013. Text as of Oct 04, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

HR 3087 IH

112th CONGRESS

1st Session

H. R. 3087

To amend the Internal Revenue Code of 1986 to make permanent the depreciation classification of motorsports entertainment complexes.

IN THE HOUSE OF REPRESENTATIVES

October 4, 2011

Mr. BUCHANAN (for himself, Mr. THOMPSON of California, Ms. BERKLEY, Mr. MICA, Mr. BURTON of Indiana, Mr. REED, Mr. CARSON of Indiana, Mr. WALBERG, Mr. MCHENRY, Mr. DIAZ-BALART, Mr. SESSIONS, Mr. WESTMORELAND, Mr. HURT, Mr. POSEY, and Mr. MANZULLO) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to make permanent the depreciation classification of motorsports entertainment complexes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Motorsports Fairness and Permanency Act of 2011’.

SEC. 2. 7-YEAR CLASS LIFE FOR MOTORSPORTS ENTERTAINMENT COMPLEX FACILITIES MADE PERMANENT.

    (a) In General- Paragraph (15) of section 168(i) of the Internal Revenue Code of 1986 is amended by striking subparagraph (D).

    (b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2011.