Most new Indiana laws take effect on July 1 because the day marks the start of the state fiscal year.
The bill creates a Motorsports Improvement Fund for loans for those businesses in the state including race tracks, race team owners, drivers and others.
Legislators plan to vote in early evening on a new state budget which calls for a five-percent income tax cut, phased in over the next four years.
The Speedway would receive $5 million a year for proposed improvements, to be repaid through the anticipated increase in income and sales tax collections.
The original Senate bill was aimed solely at providing financial support to the Indianapolis Motor Speedway for much-needed improvements at the track.