Committee talks IMS tax credit

INDIANAPOLIS (WISH) - The House Ways and Means committee heard arguments at the Statehouse Wednesday morning for $100 million in tax credits for the Indianapolis Motor Speedway.

The Hulman family, which owns the race track, is seeking state assistance over the next 20 years for improvements that include lights for night racing and new video boards.

The committee was told that motorsports contribute more than $500 million to the Indiana economy each year.

Hulman and company Chief Executive Officer Mark Miles told the committee that the family has no plans to sell the Speedway.

“There is absolutely no intention to sell it,” he said. “We're not doing things to get it ready to sell.  The family fully expects to keep this business their business.”

A vote will be taken at a later meeting.

In the meantime, Miles offered to share private financial information with committee members.