The Indiana Senate Appropriations Committee unanimously passed a bill that would capture state tax money generated at Indianapolis Motor Speedway and give it back to the track to improve the facility. The bill would create a special taxing district to capture state sales, income and corporate taxes generated from the track and surrounding land owned by IMS.
The bill now moves to the full Senate next week before making its way through the House. The plan would fund up to $100 million in improvements at the track.
If the measure is signed into law, the Indiana Finance Authority will oversee the distribution of funds to the Speedway. Hulman & Co. CEO Mark Miles and IMS CEO Jeff Belskus said competition from tracks in other states has increased dramatically over the last decade, emphasizing that many of the tracks, including venues in Missouri, Illinois, Wisconsin, Iowa and Kentucky, are the beneficiaries of tax dollars to help support maintenance and operations.
Miles noted that the motor sports industry has a $510 million economic impact on the state.