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H.R. 1549 (114th): Motorsports Fairness and Permanency Act

The text of the bill below is as of Mar 23, 2015 (Introduced).


I

114th CONGRESS

1st Session

H. R. 1549

IN THE HOUSE OF REPRESENTATIVES

March 23, 2015

(for himself, Mr. Thompson of California, Mr. DeSantis, Mr. Kinzinger of Illinois, Mr. Bishop of Georgia, Mr. Mica, Mr. Cartwright, Mr. Posey, Ms. Wasserman Schultz, Mr. Hudson, Mr. Gallego, Mr. Roe of Tennessee, Ms. Kuster, Mr. Westmoreland, Mrs. Napolitano, Mr. Schweikert, Mr. David Scott of Georgia, Ms. Titus, Mr. Yoder, Mrs. Torres, Mr. Valadao, and Mr. Foster) 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 7-year recovery period for motorsports entertainment complexes.

1.

Short title

This Act may be cited as the Motorsports Fairness and Permanency Act.

2.

7-year recovery period for motorsports entertainment complexes made permanent

(a)

In general

Section 168(i)(15) 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, 2014.