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 The NASCAR tax break was originally made law back in 2004, and was later extended under the TARP bailout package in 2008.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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  • 36 Comments
      m_2012
      • 1 Year Ago
      Plus they just delayed it and act like they have saved the world. The government still runs out of borrowing power next month! IDIOTS!!
      jimpamrobert
      • 1 Year Ago
      I am so angry with our "leaders" I could just scream. We cannot expect them to do what is right for the country. In the next election, I am voting for no incumbents.
        bertha50
        • 1 Year Ago
        @jimpamrobert
        I have been doing that for years... if they won't impose term limits we can... but I'm afraid my efforts have been to no avail.
      buckfeverjohnson
      • 1 Year Ago
      There is a backlog of pork waiting to buy favors and helping to pass really bad legislation. There has not been a righteous bill in Congress for 15 years and it looks like there is no end in sight.
      DAVID LEAVELL
      • 1 Year Ago
      This is the type of leadership we get when less than half of the people voted, it looks as though the other half is enjoying the free ride or doesn't give a damn.
      GreenN_Gold
      • 1 Year Ago
      It only denies the government the $40 million in tax revenue if the track owners build something else new to depreciate every 7 years, otherwise the tax income is recouped on the back end. And if the track owners do build something new every 7 years (or however often), then the program is encouraging growth, development, and spending, which was probably the point in the first place. It's not unusual to give tax breaks to projects that create jobs, spending, and economic growth. Take car factories, for one example.
      Spike
      • 1 Year Ago
      NOW will people- hopefully, understand HOW important VOTING really is- -I honestly think there are people that just say, "well HE SAID, so I'll vote for him" and they have NO CLUE who- -or what- - they just voted for- -to those people, wake the heck up- -look what you voted for andf how he is screwing us ALL around! Newsflash- -black, white, brown or purple- -a person MUST have common sense and education to run a business, let alone a whole country. Next time- -if we even get a chance at a next time- don't listen to what they say- - WATCH what they really do- -check his/her record first- -please, we NEED HELP!! GOD help America- -our government isn't!
      mrscaptndavid
      • 1 Year Ago
      No mention of the perks given to the movie industry? They did what they always do..pay back those that supported and donated cash to their elections on the taxpayers dime but in this case it is more than that as our government borrows 40 cents of every dollar it spends. This is the Washington way to buy votes. They load all these bills with pork. Sandy relief bill is loaded with pork also that has nothing to do with helping the victims of Sandy. No spending cuts but more spending added to raise the deficit even more. Where is the balanced approach our president said he achieved? Again he says one thing then does another while he blames everyone else.
      Michael
      • 1 Year Ago
      Speaking of NASCAR, wouldn't it be revealing to have our elected officials be forced to wear their sponsor's (campaign contributor's) logos on their clothes in public? The bigger the sponsorship, the bigger the logo.
        LEDfoot
        • 1 Year Ago
        @Michael
        That's a brilliant idea! Though, the vice president would have to gain a lot of weight to fit all of his logos...
      updj
      • 1 Year Ago
      Believe larger breaks went to Wall Street & Hollywood. Think a listing of all the deals would be helpful. Did the deals outstrip the projected tax revenue?
      mmmlcalvert
      • 1 Year Ago
      YES THAT FISCAL CLIFF WAS OUR MONEY GOING OVER FOR THE GOVERNMENT TO PISS AWAY.
      Luke
      • 1 Year Ago
      AB, who's proofreading this stuff? Deprecate/Deprecation: 1. To express disapproval of; deplore. 2. To belittle; depreciate. I assume you meant DEPRECIATION? 1. The decrease in value of assets.
      • 1 Year Ago
      [blocked]
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