NEWTON, Iowa (AP) — The Iowa Speedway in Newton can continue collecting tax credits from sales made at the racetrack.
Iowa Gov. Terry Branstad traveled to Newton on Wednesday to sign a bill extending the tax break for the Speedway.
The racetrack had previously received a state sales tax rebate, but it was set to expire on Jan. 1, 2016. The tax break had been contingent upon 25 percent of Iowa Speedway's ownership remaining within the state.
Under the law, that ownership requirement is removed, since the Speedway was bought by NASCAR last year. The law also extends the tax break by 10 years and maintains a rebate limit of $12.5 million.
The bill won overwhelming support in both the House and the Senate.