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New tax law benefits motorsport teams

Jun 12, 2001 11:14 AM

A new law granting motorsports teams and sanctioning bodies an exemption from Nevada’s sales and use taxes should make Nevada a motorsports Mecca, according to Las Vegas Motor Speedway Executive Vice President and General Manager Chris Powell.

"This is an historic moment for the state of Nevada," Powell said. "This new law likely will lead to an influx of motorsports businesses to our state. We have heard already from several teams who are very interested in moving to Las Vegas."

The new statute, signed into law by Gov. Kenny Guinn, goes into effect on Oct. 1 of this year.

"The lure of new businesses to Nevada is a key mission of this administration," Guinn said. "Motorsports has certainly brought a great deal of national attention to our state since the first NASCAR race in 1998. With the potential for new teams and sanctioning bodies to call Nevada home, this will further position Nevada as a key player in the fastest growing form of sports entertainment in the United States. In addition, this influx of more motorsports teams and events should be another boost for many aspects of our state’s economy."

Championship Auto Racing Teams (CART) and one of its marquee owners, Gerald Forsythe, are two of the most visible groups who have expressed an interest in moving to Las Vegas.

Not only will the new law increase the visibility of Nevada in the motorsports world, but it will benefit the state’s business community.