State OKs tax incentives for Kentucky Speedway

The Kentucky Tourism Development Finance Authority has approved incentives for the Kentucky Speedway ahead of a much anticipated NASCAR Sprint Cup race in July.

The action makes Kentucky Speedway, which is undergoing an $82 million expansion, eligible for up to $20.5 million in tax rebates over a 10-year period.

Gov. Steve Beshear said in a statement Monday that the Sprint Cup race will have an annual $150 million economic impact in Kentucky. He said that would be great news any time, but especially during the current economic recession.

To accommodate the Sprint Cup race, scheduled for July 9, seating capacity is being expanded from 60,000 to 102,000, and parking and camping areas are being enlarged.