Indiana Senate Committee Approves $100 Million For IMS
The Senate Appropriations Committee unanimously approved $100 million in tax support for IMS upgrades Thursday. State Senator Michael Young (R-Indianapolis) sponsored the bill that provides $5 million in taxpayer dollars over the next 20 years. The bill would create a special tax district for the project.
Young expects continued bipartisan support for Indianapolis Motor Speedway. He says the proposal "basically sets up a sports district that allows for the collection of certain taxes to be used for modernization of the track." He says money would go toward making the venue more accessible to the handicapped and improved seating and track enhancements among other improvements. Young says IMS will kick in an initial $2 million to pay the bond. He adds if IMS doesn't generate the needed tax revenue, they would pay the difference.
Young says the deal includes a confidentiality agreement with IMS about their sales and attendance figures. He says state financial experts conducted an exhaustive study of the Speedway's financial records. Young says that information is known by the Internal Revenue Service and Indiana Department of Revenue.
Young believes the measure would benefit more that just IMS. He says "The things that we're talking about here that we want here to enhance the track are things designed to get more people there and if we bring more people there, the state gets more money which is a good thing."
Young says the bill will have second and third readings as early as next week in the Senate. Young says he also expects bipartisan support for the measure in the House.