Motorsports Fairness and Permanency Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 2137 To amend the Internal Revenue Code of 1986 to make permanent the 7- year recovery period for motorsports entertainment complexes. IN THE HOUSE OF REPRESENTATIVES APRIL 8, 2019 Mr. THOMPSON of California (for himself, Mr. REED, and Mr. POSEY) intro- duced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to make permanent the 7-year recovery period for motorsports entertainment complexes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Motorsports Fairness 4 and Permanency Act of 2019’’. 5 VerDate Sep 11 2014 00:44 Apr 17, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2137.IH H2137 pamtmann on DSKBFK8HB2PROD with BILLS 2 •HR 2137 IH SEC. 2. 7-YEAR RECOVERY PERIOD FOR MOTORSPORTS EN- 1 TERTAINMENT COMPLEXES MADE PERMA- 2 NENT. 3 (a) IN GENERAL.—Section 168(i)(15) of the Internal 4 Revenue Code of 1986 is amended by striking subpara- 5 graph (D). 6 (b) EFFECTIVE DATE.—The amendment made by 7 this section shall apply to property placed in service after 8 December 31, 2017. 9 Æ VerDate Sep 11 2014 00:44 Apr 17, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H2137.IH H2137 pamtmann on DSKBFK8HB2PROD with BILLS