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Austin Racetrack Gets Boost From Fiscal Cliff Deal
Your tax dollars could be racing toward the Circuit of the Americas -- the race track that hosted a Formula One race in Southeast Travis County last year. Buried in the "fiscal cliff" negotiations this week was a tax break for racetrack owners.
The so-called NASCAR loophole allows anyone who builds a racetrack to receive a small tax benefit.
The money is to make capital improvements, and potentially write off millions of dollars in costs in the early years of operation.
Last month, Texas Comptroller Susan Combs also approved nearly $30 million from the state's major event trust fund to go towards COTA.
By Adam Racusin