Friday, October 16, 2009

Bristol Speedway beats TN Dept of Revenue in Court

NASHVILLE, Tenn. (AP) -- A judge in Tennessee has ruled Bristol Motor Speedway does not have to pay $397,000 in taxes for broadcast revenue it made on NASCAR races.

The speedway challenged the assessment last year, claiming the state Department of Revenue was illegally taxing the track by claiming NASCAR was paying the track for a service.

Speedway officials also argued that television rights are intangible and that any money derived from the sale of them is not subject to Tennessee sales or business taxes.

Chancellor Ellen Hobbs Lyle in Nashville agreed in an order unsealed Friday that the television rights are intangible and not taxable.