Details of Public Law 116-260, section 115 , 7-Year Recovery Period for Motorsports Entertainment Complexes

This provision is not applicable under California law.

The PITL conforms to Modified Accelerated Cost Recovery System (MACRS), with modifications. Regarding the recovery period for motorsports entertainment complexes, the PITL conformed to the seven-year recovery period for property placed in service on or after 1/1/2005, and before 12/31/2007, but specifically does not conform to the seven-year recovery period for property placed in service on or after 1/1/2008.

The CTL does not adopt MACRS. Instead, the CTL is generally in substantial conformity to the pre-1981 federal Asset Depreciation Range (ADR) rules that generally allow property to be depreciated based on its useful life. The CTL temporarily adopted the seven-year recovery period for motorsports entertainment complexes, for property placed in service on or after 1/1/2005, and before 12/31/2007. The seven-year recovery period is not allowed for property placed in service on or after 1/1/2008.