Not to get all political, but it looks like that this bailout from the Senate has actually passed in the House, and one of the provisions included by the Senate was added to give tax breaks to those who really need it — NASCAR.

One [part of the bailout package] extends for two years a tax policy that expired in December 2007 classifying motorsports facilities as amusement parks and other entertainment complexes.

That classification allows tracks to write off their capital investments over a seven-year period. The motorsports industry feared that without a specific clarification in law, they would be required to depreciate their capital investment over 15 years or longer because of a recent Internal Revenue Service inquiry into the matter.

In English, that means that racetracks will be able to add value to their facilities, but not have to pay the additional tax on that value. It’s like buying your girlfriend breast implants, but not having to take her out to nicer restaurants to get yourself laid. Which couldn’t work out better if you spend your weekends watching cars drive in circles and complaining about tax breaks for the rich. Nice job, America.

[Charlotte Observer, via FanNation]