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Panel OKs tax breaks for Knoxville auto racing

A plan to offer a state tax break of up to $2 million to the Knoxville Raceway is moving forward in the Iowa House.

The proposal received preliminary approval in a House subcommittee Wednesday and will now move on to committee-level review.  Under the proposal, the racetrack in Knoxville would get a rebate of state sales taxes to help pay for an expansion.

Raceway officials say the rebate would help them build luxury suites for spectators and make other improvements.  They expect to break ground by the end of 2016.

The legislation would provide up to $2 million or 25 percent of the project costs, whichever is less.  Lawmakers say that the rebate would be an economic development boost for south-central Iowa.

posted : February, 19th by KXEL

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