IMS Racing Initiative Gets Approval
INDIANAPOLIS – The Indiana General Assembly approved a bill as the clocked approached midnight Friday 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.”