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Speedway Closer To Getting State Money

Indianapolis Motor Speedway
Indianapolis Motor Speedway

A plan providing up to $100 million in state funding toward improvements at the Indianapolis Motor Speedway has passed the Indiana Senate by a 37-12vote.

The bill would create a motor sports investment district to collect existing state sales and income taxes generated from the track. The plan would tap up to $5 million a year in taxes to pay off bonds over a 20-year period, with the speedway paying about $2 million a year.

The bill now moves to the House for consideration.