The Glen Beck show last night was showing other attached provisions to the Bailout plan.

I guess one of the items attached (Not part of the the bill itself, but a seperate attachment)since the plan was origionally turned down is a $128 Million bill for NASCAR's tracks.

I don't know it what capacity the money is for, but that's our money at work.

Assume the position, folks. Your Congress is at work! :moon:

Ben Dover "I'll drive"

:moon:

Jim, where they got the "monicker" Bail out, is beyond me, it's kinda like some of the other things I've seen, it's more like "double dipping", it just means they can start fresh, and go deeper the second time. Until "we" get the energy costs, out of the hands of Washington, it isn't going to change, those folks don't want "common folks" in their way, and this is one way to do it, gouge em with costs they have to deal with, on a daily basis, and they'll not get out, to be in the way, there'll be no long lines for anything, if you don't have the dough, you can't go, simple, back under their thumb again. I think they need to use a teaspoon to bail em out, if we feel like that's what's needed, that way it'll be remembered longer, they got themselves, and us into this mess, let them put some of their money back in it, instead of the middle class, as we are now called, I thought there were just 2 classes, the rich, and the overly rich, the poor and the middle were still trying to pay for the mess, the rest got us into. Bob

If they, and we, don't get smart and balance the budget and pay off the debt, none of us are gonna have anything but lessons on how to speak Chinese so we will now how to do transactions in Yens. The only difference between me and them when that happens is I had a lot less to lose. The end result will be the same. None of our dollars will be any good.

Of course, they're probably busy buying the gold and platnum that we can't afford.
Jim Morrison

It's a sad day here in Mudville the "Mighty Casey" has just struck out!:icon_smile_blackeye

Here is the excerpt from the bill. Title III, section 317.
I wouldn't put much faith in Glen "tell 'em what they want to hear" Beck. This certainly isn't "NASCAR" specific, nor a "racing bailout". It is merely a 7 year business tax cost recovery period for motorsports facilities. It could be a very helpful deal for tracks in trouble. See below.
David.

TITLE III—EXTENSION OF BUSINESS TAX PROVISIONS
Sec. 301. Extension and modification of research credit.
Sec. 302. New markets tax credit.
Sec. 303. Subpart F exception for active financing income.
Sec. 304. Extension of look-thru rule for related controlled foreign corporations.
Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold
improvements and qualified restaurant improvements; 15-year
straight-line cost recovery for certain improvements to retail
space.
Sec. 306. Modification of tax treatment of certain payments to controlling exempt
organizations.
Sec. 307. Basis adjustment to stock of S corporations making charitable contributions
of property.
Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and
the Virgin Islands.
Sec. 309. Extension of economic development credit for American Samoa.
Sec. 310. Extension of mine rescue team training credit.
Sec. 311. Extension of ******** to expense advanced mine safety equipment.
Sec. 312. Deduction allowable with respect to income attributable to domestic
production activities in Puerto Rico.
Sec. 313. Qualified zone academy bonds.
Sec. 314. Indian employment credit.
Sec. 315. Accelerated depreciation for business property on Indian reservations.
Sec. 316. Railroad track maintenance.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 318. Expensing of environmental remediation costs.
Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.
Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf
Opportunity Zone.
Sec. 321. Enhanced deduction for qualified computer contributions.
Sec. 322. Tax incentives for investment in the District of Columbia.
Sec. 323. Enhanced charitable deductions for contributions of food inventory.
Sec. 324. Extension of enhanced charitable deduction for contributions of book
inventory.
Sec. 325. Extension and modification of duty suspension on wool products; wool
research fund; wool duty refunds.

The bill includes such earmarks as: $223 million for Alaskan fishermen, $192 million for rum producers in Puerto Rico and the Virgin Islands, $128 million for auto racing

and more

$2 million excise tax exemption on "certain wooden arrows designed for use by children."

$49 million in tax breaks for people (in Alaska, mostly) receiving compensation from the litigation over the Exxon Valdez oil spill.

$100 million in tax breaks for "certain motorsports racing track facilities."

$179 million in tax incentives for "investment in the District of Columbia."

$49 million for a charitable deduction for corporations who donate books to libraries.

$33 million for an economic development credit in American Samoa.

$61 million in added credits for "steel industry fuel" also known as liquefied coal waste sludge.

$397 million for the "domestic production activities deduction" for film production

$81 million to extend and modify treatment of "certain film and television productions."


Some of these sure tickle the imagination! Don't They?

My guess, assume the position, and prepare for "continued dunking", as before, but with a higher cost, them guys "talk th talk", but till I see them "walk th walk", get down here on ground zero, and make it on their own, then I'll believe it. Talk is cheap, all they gotta do is call the driver, and tell him to "turn up the presses", and down goes the dollar, even more. I hope it works, but as my ole Pappy used to say, "I got my doubtfulls". Bob

Further Info On The 700Bil Provision for the "Racing Industry"


"US financial aid package will help NASCAR tracks
A report by the Associate Press news agency says that the $700 billion package of financial aid for the US economy includes the provision of tax concessions for the country’s race track operators and in particular those that host NASCAR events.

Contained in the 450 page bill that was due to be voted on by the US House of Representatives on Friday is $100 million in tax breaks for "certain motorsports racing track facilities."

According to AP this provision will extend for two years a tax policy that expired in December 2007 that classified motorsports facilities as amusement parks and other entertainment complexes and allowed their owners to write off their capital investments over a seven-year period. A recent inquiry by the US tax authority had brought a revision to the policy that would have required capital investments to be depreciated over a period of 15 years or longer.

The AP story quotes Lauri Wilks, vice president of communications for Speedway

Motorsports, which owns tracks in Charlotte, North Carolina; Fort Worth, Texas; Sonoma, California, and other locations as saying, “It gives us incentive to go ahead and invest in our facilities.”