Motorsports Fairness and Permanency Act of 2023

Hozzl · 2023-12-13T08:37:27Z

Explore the details of House Bill 2696 Motorsports Fairness and Permanency Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/13/2023, 8:37 AM

Summary of Bill HR 2696

The Motorsports Fairness and Permanency Act of 2023, also known as Bill 118 hr 2696, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to promote fairness and stability within the motorsports industry in the United States.

One key aspect of the Motorsports Fairness and Permanency Act is the establishment of guidelines for the operation of motorsports events, including safety standards and regulations for participants. This is intended to ensure the safety of drivers, spectators, and other individuals involved in motorsports activities.

Additionally, the bill aims to provide financial support and incentives for motorsports organizations and events, in order to promote growth and sustainability within the industry. This includes funding for infrastructure improvements, marketing initiatives, and other efforts to enhance the overall experience for motorsports enthusiasts. Furthermore, the Motorsports Fairness and Permanency Act seeks to address issues related to intellectual property rights and licensing agreements within the motorsports industry. By establishing clear guidelines and regulations in this area, the bill aims to protect the interests of all parties involved in motorsports events, including drivers, teams, sponsors, and event organizers. Overall, the Motorsports Fairness and Permanency Act of 2023 is a comprehensive piece of legislation designed to support and promote the motorsports industry in the United States. By addressing key issues related to safety, financial support, and intellectual property rights, this bill aims to create a more stable and equitable environment for motorsports organizations and participants.

Congressional Summary of HR 2696

Motorsports Fairness and Permanency Act of 2023

This bill makes permanent the accelerated depreciation (seven-year recovery period) of motorsports entertainment complexes.

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Current Status of Bill HR 2696

Bill HR 2696 is currently in the status of Bill Introduced since April 18, 2023. Bill HR 2696 was introduced during Congress 118 and was introduced to the House on April 18, 2023. Bill HR 2696's most recent activity was Referred to the House Committee on Ways and Means. as of April 18, 2023

Bipartisan Support of Bill HR 2696

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 2696

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 2696

Motorsports Fairness and Permanency Act of 2023Motorsports Fairness and Permanency Act of 2023To amend the Internal Revenue Code of 1986 to make permanent the 7-year recovery period for motorsports entertainment complexes.

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