House committee approves Iowa Speedway tax break extension - KWWL - Eastern Iowa Breaking News, Weather, Closings

House committee approves Iowa Speedway tax break extension

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DES MOINES (AP) -

Lawmakers in the Iowa House have furthered a plan to extend a tax break for the Iowa Speedway at Newton.

The House Ways and Means Committee unanimously approved the measure Thursday. It is now eligible for floor debate.

The racetrack in Newton receives a state sales tax rebate that will expire on Jan. 1, 2016. The tax break has been contingent upon 25 percent of Iowa Speedway's ownership remaining in the state.

The proposal would remove that requirement since the Speedway, which opened in 2006, was bought by NASCAR last year.

It would extend the tax break by 10 years and would maintain a rebate limit of $12.5 million.

Republican Rep. Thomas Sands, who chairs the committee, says the state has a lot to gain by continuing with this plan.

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