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
Dale Earnhardt Jr.
 
Monday Racing Roundup: Dale Earnhardt Jr. Wins at Martinsville
Dale Earnhardt Jr. can’t win the 2014 Sprint Cup title, but can still grab special race victories.
Read More
Cal Crutchlow
 
MotoGP Unveils 2015 Entry List
The provisional entry list for the premier class for 2015 has been released today and the MotoGP grid will have a distinctly different look about it next year.
Read More
Brad Keselowski
 
Monday Racing Roundup: Keselowski’s Clutch Win at Talladega Seals Eliminator Berth
Brad Keselowski pulled off the improbable win in his No. 2 Ford, overcoming an early incident to climb back into the perilous Talladega drafts and then surviving the final furious laps to win by .141 of a second over Matt Kenseth. The 2012 champion advanced to the “Eliminator” round, which begins this weekend at Martinsville.
Read More
Marc Marquez
 
Marquez Retains MotoGP Crown in Motegi
The 2014 MotoGP World title was clinched by Marc Marquez at the Motul Grand Prix of Japan as he finished in second place behind race winner Jorge Lorenzo, with Valentino Rossi also on the podium.
Read More
Marc Marquez
 
Monday Racing Roundup: Marquez Clinches MotoGP Title at Motegi
On Sunday, the Repsol Honda rider became the youngest two-time world champion in the premier class by finishing second to Jorge Lorenzo at the Motul Grand Prix of Japan at Honda-owned Twin Ring Motegi.
Read More
Items 1 - 5 of 467
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
#TBT to that epic 2004 @IndyCar Halloween party w/ @TonyKanaan @dariofranchitti @BryanHerta @ArieLuyendyk and Wheldon http://t.co/K8LUlfslwL
about 12 hours ago