Rep. Claudia Tenney (NY-24) has introduced the bipartisan Motorsports Fairness and Permanency Act, which makes permanent the seven-year cost recovery period for investments in motorsports entertainment complexes. This allows companies to continue making long-term investments in racing facilities with certainty. The legislation was introduced with Reps. Mike Thompson (D-CA), Bill Posey (R-FL), Terri A. Sewell (D-AL), Rudy Yakym III (R-IN), Debbie Wasserman Schultz (D-FL), Drew Ferguson (R-GA).
New York’s 24th District is home to the Oswego Speedway in Oswego, New York. Built-in 1951, the racetrack has operated every week since its opening, attracting thousands of fans on a typical Saturday night and helping to drive our local economy.
“The family-owned Oswego Speedway has been operating for more than 50 years, creating jobs and promoting economic investment in our community,” said Congresswoman Tenney. “The Motorsports Fairness and Permanency Act incentivizes more investments in motorsports facilities like this in New York and around the country by making the seven-year cost recovery period permanent, allowing the industry the certainty it needs to thrive, grow, and continue creating prosperity. I am honored to lead this commonsense legislation that promotes economic development and investment in our community.”
“Family-owned racetracks like ours provide quality jobs, generate business, and offer family-friendly entertainment for our community,” said Jennifer and John Torrese of Oswego Speedway. “The Motorsports Fairness and Permanency Act will provide certainty to racetracks and speedways like ours across the country by making the cost recovery period of seven years permanent for motorsports facilities. This gives us peace of mind and makes it just a little bit easier for us to continue doing what we love for our community. We would like to thank Congresswoman Tenney for her leadership on this important issue.”
Rep. Tenney’s district also includes Outlaw Speedway in Dundee, along with the Canandaigua, Oswego and Weedsport tracks.
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