Thursday, February 14, 2013

Indianapolis Motor Speedway Seeks $100M in State Funds

A plan to provide public funding for up to $100 million in improvements at the Indianapolis Motor Speedway is advancing in the state Legislature.

The Senate Appropriations Committee voted 11-0 Thursday to approve creating a motor sports investment district to collect existing state sales, income and corporate taxes generated from the track and its surrounding property.

The plan would tap $5 million a year from tax collections to pay off bonds over a 20-year period, with the speedway paying about $2 million a year. (AP)