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Castroneves Promotes Racing’s Economic Engine with U.S. Congress

Four-time Indianapolis 500 winner Helio Castroneves joined the National Motorsports Coalition last week for a virtual briefing with members of the Congressional Motorsports Caucus.

The briefing offered an overview of the contributions and impacts the motorsports industry continues to have across the American economy. The Congressional Motorsports Caucus (CMC) is an approved Congressional member organization of the House of Representatives in the 117tth session of Congress. The CMC, co‐chaired by Representative Mike Thompson (D‐CA‐5) and Representative Bill Posey (R‐FL‐08), serves as an informal, bipartisan group of members of Congress who are dedicated to supporting common legislative goals relevant to motorsports.

While motorsports events are well known for being some of the most widely attended events in the United States, leaders from the motorsports industry shared with members of Congress during the briefing how racetracks, clubs, teams and drivers across the country responded during the pandemic to support their local communities.

Castroneves and reigning NASCAR Cup Series champion Chase Elliott shared insights about their 2021 racing seasons and their excitement about being able to race in venues filled with fans again.

The motorsports industry has long had bipartisan support for the Motorsports Fairness and Permanency Act, legislation which would make permanent the seven‐year investment recovery period for motorsports entertainment complexes and racetracks of every size and level in the sport. As legislation is being drafted for the reintroduction of this bill, lawmakers heard from motorsports officials how important it remains – especially as the economy comes out of the pandemic – for the industry to have certainty about continued fair and equitable treatment when planning for future capital investments.

Members of the National Motorsports Coalition also discussed the fact that some racing clubs are structured as 501(c)(4) and 501(c)(6) organizations. Additionally, members of Congress heard how 212(f) national interest exemptions have been a key component in the industry’s reopening ‐- ensuring that international competitors can continue to travel to the United States to compete in major U.S. racing events.

Representative Posey closed the briefing acknowledging the motorsports industry’s efforts during the pandemic.

“We are grateful for everything you did to lead the sports nation back to life, back to work, back on the job,” Posey said.

For more information about the Congressional Motorsports Caucus and to view a recording of the full 2021 Virtual CMC Congressional Briefing, please visit: https://posey.house.gov/motorsports/.

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