Sen. Warner makes pit stop in Henry County to show support for Martinsville Speedway

Published: Aug. 24, 2023 at 5:28 PM EDT
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HENRY COUNTY, Va. (WDBJ) - U.S. Senator Mark Warner (D) met with community leaders at the Martinsville Speedway Thursday morning.

Senator Warner expressed his support for the local speedway and the surrounding region.

“I know how hard these communities were hit when they lost so many textile and furniture jobs. I’ve been committed to the belief that you shouldn’t have to leave your hometown to find a world-class job,” said Senator Warner.

The Martinsville Speedway brings about $170 million of economic activity to the region and hosts 350,000 race fans per year, supporting 3,000 jobs.

Senator Warner discussed his efforts to help local speedways through the recently proposed Motorsports Fairness and Permanency Act.

“It’s critical for tourism. It’s critical for literally thousands of jobs. Unfortunately, not just Martinsville Speedway, but all of the racetracks across the country are caught in this tax limbo,” added Senator Warner.

The legislation would give a permanent tax classification on depreciating assets for motorsports facilities.

“I’m not trying to make some major change. I’m just trying to give Martinsville Speedway, Bristol, Richmond, the other tracks the predictability that the tax law is not going to change on them, and they’re still going to have the current status,” explained Senator Warner.

Senator Warner says it would give them the freedom to make long-term investments and upgrades.

“He understands the significance of motorsports in the Commonwealth,” said Clay Campbell, President of the Martinsville Speedway. “This can provide us more of a line of sight going forward on what we can do with expansion upgrades, keeping our facilities current, and putting people to work with jobs. So, it’s really a really a plus for motorsports.”

The Senate and the House of Representatives will have to vote on the act before the president can sign it into law.