Motorsports Fairness and Permanency Act of 2005

Motorsports Fairness and Permanency Act of 2005 - Amends the Internal Revenue Code to make permanent the classification, for depreciation purposes, of any motorsports entertainment complex as seven year property.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 930 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 930

 To amend the Internal Revenue Code of 1986 to provide that seven year 
   class life for motorsports entertainment complex property be made 
                               permanent.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 17, 2005

 Mr. Hayworth (for himself, Mr. Foley, Mr. Jefferson, Mr. Ramstad, Mr. 
 Lewis of Kentucky, Mr. English of Pennsylvania, Mr. Weller, Mr. Shaw, 
 and Mr. Cantor) introduced the following bill; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide that seven year 
   class life for motorsports entertainment complex property be made 
                               permanent.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Motorsports Fairness and Permanency 
Act of 2005''.

SEC. 2. 7-YEAR CLASS LIFE FOR MOTORSPORTS ENTERTAINMENT COMPLEX 
              FACILITIES MADE PERMANENT.

    Paragraph (15) of section 168(i) of the Internal Revenue Code of 
1986 (relating to motorsports entertainment complex) is amended by 
striking subsection (D).
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