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
CICOA at IMS
 
Carpenter Helps Celebrate CICOA Meals & More Program's 18 Millionth Meal
The CICOA Meals & More program works to combat that, providing 2,000 meals every weekday in clients’ homes and at 27 Central Indiana meal sites. And on Wednesday at the Indianapolis Motor Speedway, CICOA served its 18 millionth meal to a senior guest.
Read More
Kevin Harvick Wins the 2014 NASCAR Championship
 
Harvick's Move To Stewart-Haas Pays Off With a Championship
The 38-year-old Californian finally grabbed his title on Sunday at Homestead-Miami Speedway, winning the final race of the new NASCAR Sprint Cup Chase. An “elimination” format was implemented for the final 10 races of the season, emphasizing consistency and winning with a few sudden-death moments, and Harvick answered the call each time.
Read More
NASCAR at Homestead
 
Monday Racing Roundup: Harvick Takes it All at Homestead
Title contenders Denny Hamlin, Kevin Harvick, Joey Logano and Ryan Newman battled near the front virtually all afternoon on Sunday at Homestead, and Harvick took the Sprint Cup not by just finishing the highest of the four – but by winning the race.
Read More
NASCAR Chase Final 4
 
One Race, One Champion: NASCAR Championship Preview
Denny Hamlin, Kevin Harvick, Joey Logano and Ryan Newman are the last four standing from the original 16 that opened the Chase at Chicagoland in mid-September. Few could have predicted that foursome – and not a single fan did out of the tens of thousands who submitted Chase grids on a NASCAR.com online contest.
Read More
Bloomington Gold
 
Bloomington Gold Corvettes USA Coming To IMS in June 2015
Bloomington Gold Corvettes USA, “The Granddaddy of Corvette Shows,” will make its inaugural appearance at the Indianapolis Motor Speedway from June 25-27, 2015.
Read More
Items 1 - 5 of 586
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 Phil Sparks at (317) 492-6463 or email at psparks@brickyard.com.
Latest Tweets
We at IMS have a lot to be thankful for - great racing, fast cars and AWESOME fans. We share more on the blog: http://t.co/tXyH4YyDXI
about 10 minutes ago