Motorsports Fairness and Permanency Act of 2023

HR 2696 permanently extends a 7-year depreciation period for motorsports entertainment complexes under tax law. It amends the Internal Revenue Code by removing a temporary provision (subparagraph D), making the 7-year recovery period permanent for these facilities. This change directly affects businesses that own or operate motorsports venues when calculating tax deductions for facility investments. The bill is a technical tax code adjustment with no new regulations or direct impact on individuals.