If you live in the United States, by now I’m sure you have heard that the U.S. House of Representatives have approved the $700 billion financial bailout plan, but not before sweetening it with $110 billion in tax cuts. One of those tax cuts directly relating to automotive racing….

2. Sec. 317. Seven-year cost recovery period for motorsports racing track facility. .

I bet you weren’t expecting that now were you? This obscure provision allows race track owners to right off the cost of their facilities over a seven year period. Track owners have been getting tax breaks for a while now from cities and states eager to get racers off the street and on the track. The provision will be extended 2 years till the end of 2009 and will cost $100 million. The provision encompasses all facilities including grandstands, parking lots and concession stands.