Traffic on MoPac is about to get a little slower but in the it …
Ferrari driver Fernando Alonso of Spain leads Red Bull driver Sebastian Vettel of Germany into turn one during the first free practice session for the Formula One's U.S. Grand Prix at the Circuit of The Americas. (AP Photo/Eric Gay)
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COTA to benefit from fiscal cliff deal
Extensions provide breaks for raceways, Hollywood
Updated: Thursday, 03 Jan 2013, 11:37 PM CST
Published : Thursday, 03 Jan 2013, 5:13 PM CST
AUSTIN (KXAN) - The average person can expect a little bit smaller paycheck in 2013 due to the fiscal cliff deal that did not extend payroll tax credits.
Meanwhile, the Circuit of the Americas will benefit from a $70 million tax credit extension to benefit more than 1000 raceways across the country.
The “NASCAR tax credit” was a 7-year tax break aimed to help motorsports and track facilities recover costs of business.
Those tax credits were among a curious few extended for the year 2013 including a $430 million break for TV and film productions in the United States.
COTA told KXAN that they did not pursue the extension, but the Automobile Competition Committee for the United States actively lobbied for the extension and kept COTA updated.
Tom Schatz with the Citizens Against Government Waste was critical of the extensions.
“They are profitable, large companies,” said Schatz. “This does not help small businesses.”
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