With the so-called fiscal cliff looming like a New Year's Day hangover,
US lawmakers were able to strike an eleventh-hour deal that should prove
beneficial to couples making less than $450,000 a year. Like any piece
of US legislation, though, there was enough pork stuffed inside to
ensure lobbyists and well-connected constituents remain happy. As a part
of the deal, a few tax credits were extended that pertain to the
automotive world.
On one hand, a 2009 tax credit was extended for electric motorcycles
and scooters that gives buyers a break of up to 10-percent of the
purchase price (up to $2,500). However, the deal also removed vehicles
like golf carts from qualification. Another consequence of the fiscal
cliff deal was that numerous biofuel tax credits were extended – our sister site, AutoblogGreen, broke the specifics down yesterday.
More unexpected is word that NASCAR
track owners also benefited from the last-minute legislation with a
huge tax break extension. The break, which allows track owners to deduct
their facilities' deprecation over seven years (instead of the normal
39-year government estimate), will reportedly cost taxpayers more than
$40 million per year. The NASCAR tax break was originally made law back
in 2004, and was later extended under the TARP bailout package in 2008. CNN
notes that the motorsports provision applies to the depreciation of
facilities that hold at least seven days of racing each year, seat at
least 70,000 fans and have concession stands that somehow benefit
charitable organizations.
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