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Legislators address loopholes in American Taxpayer Relief Act

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TWC News: Legislators address loopholes in American Taxpayer Relief Act
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CHARLOTTE — With the late New Years Day vote, many Americans may be glad the fiscal cliff talks are over for now.

However, a closer look at the American Taxpayer Relief Act shows that is helps more than just taxpayers. The bill is also providing relief to corporate America.

"I have to vote all up or all down and one provision in a bill is not likely to detour me from voting for it, if I think it's in the best interest of the country to vote for the bill," said Congressman Mel Watt.

There are several loopholes in the bill that include everything from railroad maintenance to rum tax. A so-called NASCAR loophole is also included.

"I think you expect for loopholes to be in any bill. So I'm not surprised when I see loopholes. One person's loophole is another person's advantage," said Watt.

The NASCAR loophole allows anyone who builds a racetrack to receive a small tax benefit through accelerated depreciation. Supporters say it is necessary so that NASCAR can compete on a level playing field with other theme parks.

Charlotte NASCAR leaders and representatives with the Charlotte Motor Speedway say they are not planning to build any new tracks, so the tax breaks do not apply to them.

Republican Howard Coble also voted in favor of the bill. While he did not agree with all of its language, he said he did what he felt was best for the American people.

"If you are looking for a perfect piece of legislation, last night was not the model target and I don't think you will find the model target anywhere; because there's no such thing as perfect legislation," said Coble.

The bill is still awaiting a final signature from the President.

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