TRUTH in Labeling Act

Senate Bill

S. 2462

119th Congress

TRUTH in Labeling Act

In Committee

Introduced:Jul 24, 2025

Primary Sponsor

Richard Blumenthal

Senator

Democratic

CT

Cosponsors

5

Quick Stats

Policy Area

Taxation

Summary

The Motorsports Fairness and Permanency Act would make a tax deduction for motorsports entertainment complexes permanent. This means businesses that own or operate racetracks, motorsports museums, and similar facilities could continue to deduct the cost of these properties from their taxes over a 7-year period.

Latest Action

Read twice and referred to the Committee on Finance.

SponsorRichard Blumenthal (D-CT)

Introduced7/24/2025

StatusRead twice and referred to the Committee on Health, Education, Labor, and Pensions.

ChamberSenate

Data from Congress.gov

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Vote Prediction

TRUTH in Labeling Act

The Motorsports Fairness and Permanency Act would make a tax deduction for motorsports entertainment complexes permanent. This means businesses that own or operate racetracks, motorsports museums, and similar facilities could continue to deduct the cost of the

Community Breakdown

Pass

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The Motorsports Fairness and Permanency Act would make a tax deduction for motorsports entertainment complexes permanent. This means businesses that own or operate racetracks, motorsports museums, and similar facilities could continue to deduct the cost of these properties from their taxes over a 7-year period.

Bill Number: 2462
Sponsor: Richard Blumenthal (D-CT)
Introduced: 7/24/2025
Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy Area: Taxation

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: TRUTH in Labeling Act
Bill Number: 2462
Sponsor: Richard Blumenthal (D-CT)
Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Introduced: 7/24/2025
Summary: The Motorsports Fairness and Permanency Act would make a tax deduction for motorsports entertainment complexes permanent. This means businesses that own or operate racetracks, motorsports museums, and similar facilities could continue to deduct the cost of these properties from their taxes over a 7-

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

The Motorsports Fairness and Permanency Act would make a tax deduction for motorsports entertainment complexes permanent. This means businesses that own or operate racetracks, motorsports museums, and similar facilities could continue to deduct the cost of these properties from their taxes over a 7-year period.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

Motorsports Fairness and Permanency Act of 2023 This bill makes permanent the accelerated depreciation (seven-year recovery period) of motorsports entertainment complexes.

Key Points

Main provisions of the bill

Permanently extends an existing tax deduction for motorsports entertainment complexes, allowing them to deduct the cost of their facilities over 7 years
This tax benefit primarily applies to businesses that own or operate racetracks, motorsports museums, and similar entertainment venues
The bill aims to provide long-term certainty and support for the motorsports industry

How This Impacts Americans

Potential effects on citizens and communities

If passed, this bill would primarily impact businesses in the motorsports industry, such as NASCAR, IndyCar, and other racing organizations that own and operate entertainment complexes. It would give these companies a consistent tax deduction that could help them make long-term investments in their facilities. Consumers who attend races and visit motorsports attractions may also benefit indirectly if the tax savings are passed along.

Policy Areas

Primary Policy Area

Taxation

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

2462, 119th Congress (2025). "TRUTH in Labeling Act". Source: Voter's Right Platform. https://votersright.org/bills/118-s-2462

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