HEA 1544 establishes the Indiana Motorsports Commission (IMC), which will oversee the Motorsports Investment District (MID), a financing district to collect tax revenue for the IMS loan and other improvements for the entire industry; the Motorsports Improvement Program and Fund, which will bolster the state’s motorsports industry; and a 20-year loan to be taken out by the Indianapolis Motor Speedway (IMS) for improvements.
“The Indianapolis Motor Speedway is an international icon that draws tens of thousands of people to our state. The long, storied history of racing in our state is part of what makes Indiana great, and this law will help carry on that legacy,” said Rep. Turner. “By financing the improvements to the Indianapolis Motor Speedway in a prudent and taxpayer-friendly manner and incentivizing the industry as a whole, needed updates will be made to the speedway and strengthen Indiana’s place as the racing capital of the world.”
The Indiana Financing Authority has to approve the loan for the Indianapolis Motor Speedway which will make structural renovations to the facility. Improvements will be made to provide greater access for the disabled, new video boards and lights for night races.
“This is a great investment for Indiana,” said Rep. Braun, co-author of the bill. “The IMS is a long-standing cultural tradition in our state and is something that has made Indianapolis a fixture of the motorsports industry. The speedway has been a focal point for economic development on the west side of Indianapolis, and this law will further spur that process.”
The motorsports industry in Indiana injects $3 billion into the state’s economy annually. According to a recent Purdue University study, the motorsports sector contributes more than 23,000 jobs that pay an average annual wage of nearly $63,000, which is well above the states average of $39,700.
Additionally, the motorsports sector is indirectly responsible for 421,000 jobs. More than1,600 motorsports companies call Indiana home. These include racing teams, manufacturers and service companies. Seven Indiana colleges and universities offer motorsports education opportunities and certificates. Indiana is one of only four states that hosts races for the three best-known sanctioning organizations – IndyCar, NASCAR and NHRA.