Video produced by Multimedia Editor Serafina Frederick / Headline Surfer interviews State Rep. David Santiago, R-Deltona, in front of Daytona International Speedway on his proposed legislation to provide sales tax breaks to DIS like other major Florida sports outlets. The bill would allow the speedway concessions of up to $2 million annually for 30 years in exchange for a $250 million-plus modernization of the speedway facilities. The DIS announcement came on the heels of the 2013 Daytona 500 as shown in this Headline Surfer race photo.
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DAYTONA BEACH -- State Rep. David Santiago is optimistic his proposed legislation for $60 million in tax incentives for Daytona International will be approved by his colleagues to pave the way for a massive modernization project there.
Santiago talked about his bill in Headline Surfer's online newsmaker show, "The Sunday Conversation." The interview was done in front of the bronze statue of NASCAR driving legend Dale Earnhardt.
Santiago, elected in November, said he is confident his legislation, "HBill 1049 - Motorsports Entertainment Complexes," will pass in the upcoming spring session of the Florida Legislature. You can see the interview with Santiago by clicking the Headline Surfer video above.
The snapshot graphic here shows the legalese of House Bill 1049 proposed by State Rep. David Santiago, R-Deltona, that would provide upewards of $60 million in tax incentives for Daytona International Speedway to offset its proposed $250-plus modernization of the speedway.
If passed, Daytona International Speedway would be exempt from sales and use tax for building materials used in construction, reconstruction, expansion, or renovation of the complex through refund of previously paid taxes. There are other incentives built into it as well, including concessions on local sales taxes (see graphic).
Daytona International Speedway President Joie Chitwood unveiled the speedway's $250 million-plus modernization project on the heels of the thrilling 2013 Daytona 500 won by five-time Sprint Cup champion Jimmie Johnson. Fan favorite Dale Earnhardt Jr. finished second and pole sitter Danica Patrick finished in the top 10.
Besides the legislation, the project needs approval from NASCAR, the sanctioning body for stock car racing and the owner of Daytona International Speedway, which would provide more than $250 million in funding for the track, in exchange for the state tax incentives.