State incentives to help bring a NASCAR Sprint Cup race to Kentucky have been approved in Frankfort. And another proposed attraction in northern Kentucky is seeking similar tax breaks.
On July 9th, the Kentucky Speedway in Sparta will host a 400-mile NASCAR Sprint Cup race. But to land the race, the track needed to expand seating capacity to 65,000.
To help fund the expansion, the track applied for state sales tax rebates, which have now been approved.
Based on an investment of $85 million, the track will receive more than $20 million in performance-based rebates over a 10-year period.
The developers of the proposed Ark Encounter theme park in Grant County are seeking similar tax incentives. Their request has received preliminary approval from the state.
An independent consultant will now perform an analysis to see if the $172 million theme park meets the requirements of the statute.