Our country is in an economic crisis and we all need to rest our minds in one way or another. However, I was distraught to realize that in the actual text of Bush’s Bail Out Plan, the tax payers are helping to subsidize a specific sports market. First of all, if the government is to keep the interest of the people in mind, maybe they should look into expanding the most popular sport in America, or at least the top four. Baseball, football, basketball, Hell, even soccer could each use a financial boost to help create more and better facilities. But the government has made up their mind and if this bill passes in the house tomorrow, we will see an explosion in NASCAR despite a lack in the sport’s interest.

The exact legislation can be found on page 262 of the bail out PDF , but I have shortened it below:

TITLE III—EXTENSION OF BUSINESS TAX PROVISIONS

Sec. 301. Extension and modification of research credit.

Sec. 302. New markets tax credit.

Sec. 303. Subpart F exception for active financing income.

Sec. 304. Extension of look-thru rule for related controlled foreign corporations.

Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold

improvements and qualified restaurant improvements; 15-year

straight-line cost recovery for certain improvements to retail

space.

Sec. 306. Modification of tax treatment of certain payments to controlling exempt

organizations.

Sec. 307. Basis adjustment to stock of S corporations making charitable contributions

of property.

Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and

the Virgin Islands.

Sec. 309. Extension of economic development credit for American Samoa.

Sec. 310. Extension of mine rescue team training credit.

Sec. 311. Extension of election to expense advanced mine safety equipment.

Sec. 312. Deduction allowable with respect to income attributable to domestic

production activities in Puerto Rico.

Sec. 313. Qualified zone academy bonds.

Sec. 314. Indian employment credit.

Sec. 315. Accelerated depreciation for business property on Indian reservations.

Sec. 316. Railroad track maintenance.

Sec. 317. Seven-year cost recovery period for motorsports racing track facility.

Sec. 318. Expensing of environmental remediation costs.

Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.

Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf

Opportunity Zone.

Sec. 321. Enhanced deduction for qualified computer contributions.

Sec. 322. Tax incentives for investment in the District of Columbia.

Sec. 323. Enhanced charitable deductions for contributions of food inventory.

Sec. 324. Extension of enhanced charitable deduction for contributions of book

inventory.

Sec. 325. Extension and modification of duty suspension on wool products; wool

research fund; wool duty refunds.

I’m not even going to begin to ask what the wool research or the whole rum issue with the virgin island, because they probably have good purpose. However, isn’t giving a “seven-year cost recovery period for motorsports racing track facility” exactly what we’re avoiding in this bill . . . bad investments? What is the purpose in giving tax incentives to a sport that condones the extenuated races of gas guzzling vehicles other than satisfying a few lobbyist? While a NASCAR driver can drive 600 miles and refuel ever 25 minutes, I’m stuck in a 1 mile line in NC once a week praying the gas station isn’t out of gas when I roll up in pit road. Unless the plan behind this line of legislation is to promote electric car racing, there is absolutely no need for a 7 year tax break. If the sport is truly growing that much, they can use their own revenue to cover teh costs. Let’s focus on some growing sports that REALLY need the money. Let’s call our representatives and demand they be more creative in the world of sports. What do we need?