Photo: Tom Smith (flickr)
Legislation aimed at helping the Indianapolis Motor Speedway renovate the historic track and make up for recent attendance losses is headed to the Senate floor.
A bill authored by Indianapolis Republican Senator Mike Young would set aside $5 million per year in tax revenue generated by the Speedway and its properties for the next 20 years. The money normally goes into the state’s general fund, but it would instead be used to pay back bonds for Speedway improvements, including compliance with federal handicap-accessible requirements and lights that would allow nighttime races.
Mark Miles, CEO of the Motor Speedway’s parent company Hulman and Company, says helping the Speedway helps Indiana.
“[There is] more than $510 million economic impact per year from the motor sports cluster that is here and growing because of the Speedway in large part,” he says.
Senator Young says one of the reasons his bill is a good deal is that it puts a burden on the Motor Speedway and not the state.
“The state only has to put in what’s generated there so if the track can’t generate enough in these income tax brackets to get the state to the five million, they’re going to be morally obligated to pay that,” he says.
The bill unanimously passed the Senate Appropriations committee Thursday and now heads to the full Senate.