INDIANAPOLIS – It’s full speed ahead for a bill that would create a tax district at the Indianapolis Motor Speedway, paving the way for improvements at the track.
The Senate passed the bill in a 37-12 vote Tuesday afternoon.
The measure directs up to $5 million a year in public funding for capital improvements at the track. Authored by State Sen. Mike Young (R-Indianapolis), Senate Bill 91 would create a special taxing district that would transfer state sales and income tax collected within IMS property to the track. The speedway would also contribute $2 million a year for capital improvements.
“The Indianapolis Motor Speedway is a Hoosier icon,” Young said. “It provides millions of dollars in economic value and thousands of jobs to the state. By creating this partnership, we can capitalize on this asset and cultivate a positive return on investment for Indiana.”
Young cited growing competition among racing venues in the need for upgrades at IMS. Improvements would likely include lights for night races along with large video screens and upgrades to fan accessibility.
The bill now heads to the House for consideration.