MODIFICATION OF CLASS LIFE FOR CERTAIN TRACK FACILITIES.

SEC. 704. MODIFICATION OF CLASS LIFE FOR CERTAIN TRACK FACILITIES.(a) 7-Year Property.—Subparagraph (C) of section 168(e)(3) (relating to classification of certain property) is amended by redesignating clause (ii) as clause (iii) and by inserting after clause (i) the following new clause:“(ii) any motorsports entertainment complex, and”.(b) Definition.—Section 168(i) (relating to definitions and special rules) is amended by adding at the end the following new paragraph:“(15) Motorsports entertainment complex.—“(A) In general.—The term ‘motorsports entertainment complex’ means a racing track facility which—“(i) is permanently situated on land, and“(ii) during the 36-month period following the first day of the month in which the asset is placed in service, hosts 1 or more racing events for automobiles (of any type), trucks, or motorcycles which are open to the public for the price of admission.“(B) Ancillary and support facilities.—Such term shall include, if owned by the taxpayer who owns the complex and provided for the benefit of patrons of the complex—“(i) ancillary facilities and land improvements in support of the complex’s activities (including parking lots, sidewalks, waterways, bridges, fences, and landscaping),“(ii) support facilities (including food and beverage retailing, souvenir vending, and other nonlodging accommodations), and“(iii) appurtenances associated with such facilities and related attractions and amusements (including ticket booths, race track surfaces, suites and hospitality facilities, grandstands and viewing structures, props, walls, facilities that support the delivery of entertainment services, other special purpose structures, facades, shop interiors, and buildings).“(C) Exception.—Such term shall not include any transportation equipment, administrative services assets, warehouses, administrative buildings, hotels, or motels.“(D) Termination.—This paragraph shall not apply to any property placed in service after December 31, 2007.”.(c) Effective Date.—118 STAT. 1549 (1) In general.—The amendments made by this section shall apply to any property placed in service after the date of the enactment of this Act.(2) Special rule for asset class 80.0.—In the case of race track facilities placed in service after the date of the enactment of this Act, such facilities shall not be treated as theme and amusement facilities classified under asset class 80.0.(3) No inference.—Nothing in this section or the amendments made by this section shall be construed to affect the treatment of property placed in service on or before the date of the enactment of this Act.