The Indianapolis Motor Speedway announced its support Friday of a bill it says will help strengthen Indiana's position as the "Racing Capital of the World."

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A statement from IMS says State Senator Michael Young (R-Speedway) plans to introduce legislation Monday which would create an Indiana Motorsports Investment District which would capture state sales, income and corporate taxes at IMS to use to improve the longstanding racing facility.  According to the bill, the money generated would help fund at least $70 million in capital improvements to the Speedway including installing lights for night events, technological upgrades and infrastructure improvements.

The statement said this legislation is needed to ensure Indiana remains competitive with the recent increase in new race tracks across the country and improvements being made at existing tracks.  IMS President and CEO Jeff Belskus says the Motorsports Investment District would use the money generated at IMS to improve the fan experience.

Tom Weisenbach, Executive Director of the Indiana Motorsports Association, says the proposal is an economic development initiative to strengthen Indiana's tourism and hospitality industries and help grow its economy.