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
Juan Pablo Montoya
 
Pruett's Preview: Honda Indy 200 at Mid-Ohio
Juan Montoya has been chasing his second win at Mid-Ohio since he was an IndyCar rookie in 1999. The assortment of numbers involved with the 40-year-old Colombian’s chase for a follow-up victory at the awesome 2.3-mile road course make for an interesting open-wheel time capsule:
Read More
Will Power
 
Power Wins Honda Indy Toronto to Continue Charge
It was never a certainty for Team Penske’s Will Power, but speed, strategy and a nail-biting one-lap dash at the Honda Indy Toronto culminated in the Australian scoring his third win of the 2016 Verizon IndyCar Series season – all in the past four races – and climbing one step higher on the all-time victory list.
Read More
Graham Rahal
 
Pruett's Preview: Honda Indy Toronto
On the surface, this weekend’s Honda Indy Toronto race is part of the Verizon IndyCar Series 16-round championship, and while that kernel of information is undoubtedly true, it paints a false picture of how many teams perceive the event.
Read More
Josef Newgarden
 
Newgarden Dominates to Win Iowa Corn 300
Driving the No. 21 Fuzzy’s Ultra Premium Vodka/ECR Chevrolet, Newgarden cruised from a front-row start to his third career win. Newgarden, who sustained a fractured clavicle and right hand in a crash at Texas Motor Speedway last month, showed no signs of struggle from the injury as he led a record 282 laps en route to his first oval win by 4.2828 seconds over Will Power.
Read More
Carl Haas
 
IMS Statement on the Passing of Carl Haas
Carl Haas, one of the most influential men in motorsports for nearly a half-century and a frequent competitor at the Indianapolis 500 as a car owner, died June 29 at the age of 86.
Read More
Items 1 - 5 of 1,203
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
We have a great time last weekend at the #Brickyard400! Thanks for making it an EPIC race! https://t.co/uAiLcgPPhy https://t.co/99aS1reQrW
about 5 hours ago