To amend the Internal Revenue Code of 1986 to make permanent the 7-year recovery period for motorsports entertainment complexes.

Bill 119 HR 2231, also known as the Motorsports Fairness and Permanency Act, aims to amend the Internal Revenue Code of 1986 to make permanent the 7-year recovery period for motorsports entertainment complexes. This bill seeks to provide stability and certainty for motorsports entertainment complexes by ensuring that they can continue to benefit from the 7-year recovery period for depreciation of their assets.

The 7-year recovery period allows motorsports entertainment complexes to recover the costs of their assets over a shorter period of time, which can help them to remain competitive and attract investment. By making this recovery period permanent, the bill aims to provide long-term support for the motorsports industry and promote economic growth in the sector.

Supporters of the bill argue that motorsports entertainment complexes play an important role in local economies, creating jobs and generating revenue for surrounding communities. They believe that making the 7-year recovery period permanent will help to incentivize investment in these complexes and support their continued success. Critics of the bill may argue that providing special tax treatment for motorsports entertainment complexes is unfair and could lead to a loss of revenue for the government. However, proponents of the bill maintain that the 7-year recovery period is a necessary measure to support the motorsports industry and ensure its viability in the long term. Overall, Bill 119 HR 2231 seeks to provide stability and support for motorsports entertainment complexes by making the 7-year recovery period permanent. This legislation aims to promote economic growth in the motorsports industry and benefit local communities that rely on these complexes for jobs and revenue.