State Senate panel advances measure extending tax breaks for Iowa Speedway

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Posted: Friday, March 14, 2014 12:00 am

DES MOINES (AP) — A bill that extends a sales tax rebate for the Iowa Speedway in Newton by 10 years and allows its new owners to take advantage of the tax break has passed a Senate committee and moves to the full chamber.

The racetrack, bought by NASCAR in November, has about $9 million left on the tax rebate originally approved for the track. The original law said it could only be collected if the track was owned by an Iowa corporation and was nullified if a change of control reduced Iowa-based ownership.

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