This is one from the business of racing department, but the so-called “NASCAR loophole” that accelerates the depreciation of race tracks, and thus provided a small tax break for builders, is pretty much gone for 2014, per a report from the Washington Post.
According to that report, this break allowed NASCAR tracks to, in theory, compete on a level playing field with other theme parks. An earlier Post report from June 2012 said the cut expired itself at the end of 2011, as it was not renewed by Congress. The revenue impact though, wouldn’t happen until Fiscal Year 2013.
The loophole could occur because, according to a 2012 Daily Beast report, NASCAR racetrack owners could deduct the depreciation over seven years instead of the government-estimated 39 years. The cost to the government was estimated at that time at $40 million per year, and the cost to extend, per the Post today, would be $50 million annually.
Porsche will skip Saturday’s IMSA WeatherTech SportsCar Championship race with its two GTLM cars at Mid-Ohio Sports Car Course after three positive COVID-19 tests were confirmed during the 24 Hours of Le Mans.
That resulted in Porsche choosing to pull out of the Nurburgring 24 Hour endurance race in Germany, electing to avoid sending any team members as a precautionary measure.
Porsche Motorsport announced Tuesday that its COVID-19 decision also would apply at Mid-Ohio to its No. 911 and No. 12 teams.
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Three of Porsche’s four IMSA GTLM drivers — Laurens Vanthoor, Frederic Makowiecki and Nick Tandy — also were racing in Le Mans. The trio has remained isolated in Europe and won’t be allowed to travel.
“Based on yesterday’s decision that no employee or racing driver of our Le Mans team will participate in the Nürburgring 24 Hours, we have today decided that this ruling will also apply to the upcoming IWSC race in Mid-Ohio,” Fritz Enzinger, vice president for Porsche Motorsport, said in a release. “This means that Laurens, Nick and Fred will not be traveling to the USA.
“This is very regrettable, but we would like to emphasize that in this case as well the health of all those concerned is the prime focus of the decisions we have taken.”
The decision also affects Earl Bamber, who teamed with Vanthoor to win the GTLM championship last year in the No. 912.
Porsche said its GTLM Porsche 911 RSR-19 entries will return for the Oct. 10 race at the Charlotte Motor Speedway Roval.
That will reduce the GTLM class to four cars — two Corvettes and two BMWs — this weekend at Mid-Ohio, in what could be somewhat of a 2021 preview. Porsche Motorsport announced earlier this year that it will leave IMSA after the 2020 season because of the novel coronavirus (COVID-19) pandemic.