Bloomberg reporter Andrew Zajac writes that lobbyists are fighting to renew 33 tax breaks (also known as extenders), which if pass, would cost the federal government to $30 billion for 2012, according to the Joint Committee on Taxation.
That doesn’t count a $6 billion ethanol tax credit that the Senate in June voted to end.
The 50 percent tax credit for track maintenance would cost the Treasury about $166 million in forgone revenue next year.
Daniel Houser, chief financial officer of the International Speedway Corp. (ISCA) of Daytona Beach, which operates 12 Nascar tracks, said shortened depreciation of track construction projects -- expected to cost the Treasury about $29 million if extended in 2012 -- is an economic stimulus.
The speedway group is lobbying to make its 7-year-old tax benefit permanent, Houser said.
The government of American Samoa is pushing for at least a five-year extension for an economic development tax credit, expected to cost $19 million next year.
Article was originally published in Bloomberg on 8/10/2011.
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