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
Chase Field
 
Chase Field Locked Following Regular Season Finale
Denny Hamlin won a wild race at his home track, and the top four Chase hopefuls entering Saturday night's Federated Auto Parts 400 all held serve at Richmond International Raceway in an event that ended in overtime after a record 16 cautions.
Read More
Mutt Strut
 
Mutt Strut Returns to the Indianapolis Motor Speedway in 2017
The Humane Society of Indianapolis is excited to announce the return of Mutt Strut to the Indianapolis Motor Speedway. On Saturday, April 29, 2017, thousands of people and their furry friends will hit the track to walk for the animals. 2017 will mark IndyHumane’s 14th annual Mutt Strut.
Read More
Kyle Larson
 
Larson Gets First Sprint Cup Win at Michigan
The victory came in Larson's 99th start in the series, long after most observers expected Larson to record his first win. It also broke a 99-race drought for Chip Ganassi Racing, dating to Jamie McMurray's victory at Talladega in October 2013.
Read More
Indiana College Preparatory School
 
IMS Sponsoring Two Students in Unique Work-Study Program
The Indianapolis Motor Speedway is partnering with Indianapolis’ Providence Cristo Rey College Preparatory School in Indianapolis on its acclaimed program that introduces students to professional work environments.
Read More
Jeff Gordon and Tony Stewart
 
Two Hoosiers, One Final Memorable Moment at The Brickyard
Tony Stewart couldn’t imagine a better farewell, aside from winning, than to invite Jeff Gordon for one more 2.5-mile drive at the track that has meant so much to both NASCAR rivals. Sunday was supposed to be Stewart’s final Brickyard 400. Last year was supposed to be Gordon’s swan song.
Read More
Items 1 - 5 of 703
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 Laura Wyamn at (317) 492-8557 or email at lwyman@brickyard.com.
Latest Tweets
REMINDER for those coming out for the @RedBullAirRace this weekend! Gate 2 will not be open - Please enter through Gate 9! #AirRace
about 1 hour ago