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
Big Ten Championship
 
IMS and IndyCar Provide High Speed Big Ten Championship Preview
The Big Ten Football Championship Game returns to Indianapolis this weekend for another thrilling matchup with major bowl game implications. This year’s game features the Penn State Nittany Lyons and the University of Wisconsin Badgers.
Read More
Alexander Rossi
 
Rossi Closing in on Opportunity to See His Likeness on the Borg-Warner Trophy
Rossi’s memories of the Borg-Warner Trophy are more from the day after the race, at the traditional “day-after” photo shoot, when he was posing in front of his No. 98 Honda with the trophy and one of his spotters pointed to the spot where his likeness would go.
Read More
Indy 500 Tickets On Sale Now
 
101st Indianapolis 500 and 2017 Month of May Tickets On Sale Now
Tickets for the 101st Running of the Indianapolis 500 presented by PennGrade Motor Oil are on sale today, along with the entire 2017 Month of May schedule. Fans who have not already pre-ordered tickets can visit the Indianapolis Motor Speedway ticket office or IMS.com to purchase their seats for an action-packed schedule that also includes the IndyCar Grand Prix, Indy 500 practice and qualification days, concerts and so much more.
Read More
Florence Henderson
 
IMS Statement on Passing of Florence Henderson
Florence Henderson was a beloved member of the Indianapolis Motor Speedway family. She sang 23 times during Indianapolis 500 pre-race festivities and recently served as Grand Marshal for the historic 100th Running of the Race. The IMS family sends its thoughts and prayers to her loved ones during this difficult time.
Read More
Dancing With The Stars
 
Hinch Finishes Second in 'Dancing With The Stars' Finale
James Hinchcliffe had a season to remember on "Dancing with the Stars," despite finishing a close second to Olympic gymnast Laurie Hernandez on Tuesday night's live grand finale.
Read More
Items 1 - 5 of 1,253
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
Thanks for coming out, lady! #IMSLights https://t.co/rsL790jfbs
about 7 hours ago