Motorsports Fairness and Permanency Act of 2023

The Motorsports Fairness and Permanency Act of 2023 makes the 7-year tax depreciation recovery period for motorsports entertainment complexes permanent. This directly affects businesses operating racetracks and motorsports facilities by allowing them to spread the tax deduction for certain assets over seven years instead of a shorter period. The bill amends Section 168(i)(15) of the Internal Revenue Code by removing a temporary provision (subparagraph (D)) that previously limited this recovery period. As a result, these businesses will retain the 7-year tax benefit indefinitely without needing future legislative changes.