News & Multimedia

IMSC Receives Legislative Approval Of Motorsports Initiative

The Indiana General Assembly approved a bill as the clocked approached midnight Friday, April 26 that will strengthen the state’s position as a global leader in the motorsports industry and create benefits for economic development in tourism, hospitality and motorsports, including upgrades and improvements at the Indianapolis Motor Speedway.

House Bill 1544 passed the House and Senate is on its way to the desk of Gov. Mike Pence. The legislation creates an Indiana Motorsports Investment District that will capture growth in sales and income taxes at the commercial property that includes IMS for future investment in the Speedway. In addition, the Indiana Economic Development Corporation (IEDC) will oversee a fund for motorsports businesses statewide to apply for loans to assist with economic development projects and facility improvements.

“We appreciate the hard work done by state lawmakers to ensure Indiana remains the worldwide leader in motorsports,” said Jeff Belskus, Indianapolis Motor Speedway Corporation president and chief executive officer. “This legislation will allow us to make transformative improvements to our 104-year-old facility over the next several years that will greatly enhance the fan experience.”

According to the legislation, IMS will receive a loan from the state for up to $5 million per year for 20 years to complete capital improvement projects. The loan will be repaid through the anticipated increases in income and sales tax collections at IMS and will be guaranteed by IMS’ parent company, Hulman & Co. In addition, IMS will contribute $2 million per year, $40 million total, over 20 years toward the improvements. The legislation also creates an Indiana motorsports fund where the state will provide up to an additional $5 million per year to the IEDC for loans to motorsports businesses and tracks interested in making improvements to their facilities.

“The impact of motorsports in Indiana is felt in all 92 counties, and this industry provides 23,000 direct jobs statewide that pay an average wage of nearly $63,000 per year,” said Tom Weisenbach, Indiana Motorsports Association executive director. “Our state lawmakers understand the significant economic impact of our industry, and we greatly appreciate their support as we look to grow our state’s economy.”

Projects that could be implemented by IMS as a result of this legislation will be determined in part through a master facility use plan process that is underway at IMS.
 

Show More Show Less
Now Viewing
IMSC Receives Legislative Approval Of Motorsports Initiative
 
IMSC Receives Legislative Approval Of Motorsports Initiative
The Indiana General Assembly approved a bill as the clocked approached midnight Friday, April 26 that will strengthen the state’s position as a global leader in the motorsports industry and create benefits for economic development in tourism, hospitality and motorsports, including upgrades and improvements at the Indianapolis Motor Speedway.
Read More
Related Media
Bubba Daytona Duels
 
Bubba Breaks Barriers with Strong Performance for 'The King' in Daytona Duels
Darrell “Bubba” Wallace is making history and headlines as the first African-American driver to run full-time in the Monster Energy NASCAR Cup Series since Wendell Scott in the 1960s and 1970s.
Read More
Blaney Daytona Duels
 
Young Star Blaney Picks Right Spot To Make Winning Debut for Penske in Daytona Duel
With his victory in Thursday night’s Can-Am Duel at Daytona, young Ryan Blaney showed why he is “Penske material.” Blaney, the 24-year-old son of sprint car legend Dave Blaney, has all the ingredients that would impress the winningest team owner in Indianapolis 500 history, Roger Penske.
Read More
Big Machine Vodka 400 at the Brickyard
 
Big Machine Vodka Becomes Title Partner of Brickyard 400 at IMS
The Big Machine Vodka 400 at the Brickyard is scheduled for Sunday, Sept. 9 on the 2.5-mile oval at IMS. The 25th annual NASCAR weekend at the Racing Capital of the World is moving from the heat of late July to cooler temperatures of early September, and the Big Machine Vodka 400 at the Brickyard also will serve as the thrilling finale to the Cup Series regular season, setting the field for the Playoffs.
Read More
Juan Pablo Montoya
 
Rolex 24 At Daytona Field Features Strong Ties to IMS Veterans
It should come as little surprise that this year’s Rolex 24 field of 50 cars includes 23 drivers who have made at least one career start in major races at the Indianapolis Motor Speedway: the Indianapolis 500 presented by PennGrade Motor Oil, INDYCAR Grand Prix, Big Machine Brickyard 400 or United States Grand Prix.
Read More
United Way of Central Indiana High $5 Challenge
 
United Way and Indy Sports Organizations Announce "High $5 Challenge"
Indianapolis Indians, Pacers Sports & Entertainment, Indy Eleven, Indy Fuel, IndyCar and IMS join the Colts to increase support for United Way of Central Indiana during its centennial year.
Read More
Items 1 - 5 of 811
Reserve one of our hospitality suites for your next event!
To start planning your event at the Indianapolis Motor Speedway please fill out our Information Request Form or contact IMS Sales Department at (317) 492-8739 or email at hospitalitysales@brickyard.com.
Latest Tweets
It's Pole day on @CrownRoyal Armed Forces Weekend & we can't wait to see you! Check out details on the day: https://t.co/yKQ6Db3YRK
May 21