Indianapolis, IN

Young, Carson push permanent tax break for racetrack improvements

Published

1 year ago

July 31, 2023

Young, Carson push permanent tax break for racetrack improvements

INDIANAPOLIS (WISH) — A racetrack manager on Monday said changes to a tax break will help tracks improve the fan experience and thus stay open.

Since the Indianapolis Speedrome came under new ownership in 2016, the owner has installed new concession stands, new lighting, and a new scoreboard and is in the process of replacing grandstands that date back to the late 1970s. General manager Jonathan Byrd says the grandstand project alone costs $500,000 and could easily have cost three times as much.

“We are replacing them with a new I-beam construction,” he said. “The fans love it.”

Every year since 2004, Congress has renewed a provision that expands the amount racetracks can deduct from their taxes on capital improvements such as new facilities or track upgrades. The measure shortens the recovery period for those tax deductions from 39 years to 7 years.

Byrd says this means a track owner could deduct roughly $14,000 worth of expenses from a $100,000 project in a given tax year instead of roughly $2,500. Sen. Todd Young, R-Indiana, filed legislation last week to make the tax break permanent, thus eliminating the need for Congress to reauthorize it every year. Congressman Andre Carson, D-Indiana, is co-sponsoring companion legislation in the House.

Tom Deery, of the racing industry group Performance Racing Industry, says the tax break makes it more financially attractive to make improvements to track facilities in the near term. He said any entertainment facility has to keep reinventing itself to ensure the best customer experience.

Unlike an NFL stadium, Deery said most racetracks around the country are small, family-owned businesses. They also usually lack the sort of public financial commitments large stadiums get.

“When people come, they want to make sure that they’ve got the best possible experience,” he said. “So tracks are now looking at improving things like improving seating and restrooms and walkways. In one way, this is kind of an encouragement for those facilities to make that step.”

Byrd says it’s good to see the bill get bipartisan support. He said he personally knows of at least six tracks that have been unable to reopen this year, so tracks need to be able to improve their facilities whenever possible to bring in more fans. The Speedrome has begun installing a beer garden to appeal to fans who want to get up and socialize.

“We’re going after the Carmel mom, we’re going after the Center Grove mom, mom decides a lot what we’re going to do, so if she’s not happy, no one is happy,” he said. “So clean restrooms, a clean facility, a safe feeling, all those types of things are the things we’re striving for.”

So far, neither the House nor Senate versions of the bill have gotten a hearing despite bipartisan support.

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Indianapolis, IN

Indiana Grown: 8th Day Distillery

Published

7 hours ago

August 3, 2024

Press Room

INDIANAPOLIS (WISH) — Each and every Saturday, WISH-TV highlights a local company together with our partners at Indiana Grown.

This week, Jaime and Matt Lamping with 8th Day Distillery in Indianapolis joined News 8 at Daybreak.

The Lampings share with News 8 what started their passion for the distillery, and elaborate on how Indiana’s state laws at the time impacted their plans.

They also share more about their Bottle Shop & Cocktail Bar, which recently celebrated its sixth anniversary. They discuss their various workshops and show off new releases ready to hit your shelves this year.

Watch the full interview above to learn more.

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Indianapolis, IN

Report: Pirates Promote Top Pitching Prospect to Indianapolis

Published

14 hours ago

August 3, 2024

Press Room

Report: Pirates Promote Top Pitching Prospect to Indianapolis

PITTSBURGH — The Pittsburgh Pirates are reportedly promoting one of their top pitching prospects in their minor league system, getting him closer to the MLB.

Alex Stumpf of MLB.com reported that the Pirates will promote right-handed pitcher Bubba Chandler from Double-A Altoona Curve to Triple-A Indianapolis Indians.

Sources: Top Pirates prospect Bubba Chandler is being promoted to Triple-A Indianapolis.
Chandler tossed seven innings of one run ball tonight for Altoona. He has pitched to a 2.61 ERA with 10.6 K/9 since the start of June.
Chandler is ranked as @MLBPipeline‘s No. 49 prospect.
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— Alex Stumpf (@AlexJStumpf) August 3, 2024

Chandler played for North Oconee High School in Bogart, Ga., 60 miles east of Atlanta. He starred in multiple sports, including basketball, golf, football and baseball. He originally committed to Georgia to play baseball, but then decommitted and committed to Clemson to play both football and baseball.

He had a fantastic senior season for North Oconee, going 8-1 with just a 1.25 ERA, plus 96 strikeouts in 44.2 innings pitched, while hitting .411 with eight home runs, 12 doubles and 35 RBI.

The Pirates would select Chandler with the No, 72 overall pick in the Third Round of the 2021 MLB Draft and signed him for $3 millon signing bonus, an over slot signing.

He pitched and also played shortstop for the Rookie-Level Florida Complex Pirates in 2021 and 2022 and then earned promotion to the Bradenton Marauders in the Single-A Florida State League.

Chandler chose to focus on pitching heading into the 2023 season, which would show his best talents. He started 24 games for the Greensboro Grasshoppers in High-A, with a 9-4 record, 4.75 ERA in 106.0 innings pitched, making 120 strikeouts to 51 walks and holding hitters to a .265 batting average.

He made it up to Altoona for just one game in 2023, allowing just one hit in five innings of work and getting the win.

Chandler has played all of 2024 in Double-A, starting 16 of 19 games, a 6-7 record, one save, one shutout. He also had a 3.70 ERA in 80.1 innings pitched, allowing 55 hits, 33 earned runs and 26 walks, while making 94 strikeouts and holding hitters to a .192 batting average, along with having a 1.01 WHIP.

His last start came Friday night against the Richmond Flying Squirrels, allowing just two hits and one run in 6.0 innings pitched, while making six strikeouts on 80 pitches.

Chandler has also pitched great since the start of June, with a 2.61 ERA and 10.6 K/9.

MLB Pipeline ranks Chandler as the No. 49 prospect in their top 100 across baseball, the No. 9 right-handed pitcher and No. 12 pitcher. They also rate him as the highest Pirates prospect.

Make sure to visit Pirates OnSI for the latest news, updates, interviews and insight on the Pittsburgh Pirates.

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Indianapolis, IN

National discount retailer to make it's way to downtown Indianapolis

Published

21 hours ago

August 2, 2024

Press Room

National discount retailer to make it's way to downtown Indianapolis

INDIANAPOLIS — The downtown Indy building Claypool Court is getting a new retailer.

Officials hope major names like Burlington will bring more Hoosiers and visitors to Mile Square.

WRTV

“There’s definitely a lot of higher-end restaurants right around this area, so I think bringing in some retail stores isn’t a bad idea,” Wesley Slaughter, who lives downtown, said.

The store will sit at Washington and Illinois Streets, an area Slaughter says will be a good fit because it’s a heavily trafficked intersection.

“I could see it being beneficial to get more people in the area because otherwise you have to drive outside of 465 just to hit one of those stores,” Slaughter said.

TJ Maxx has been a big part of the downtown retail scene for many years, but now there is some competition with the Burlington that’s going to be a couple of doors down.

WATCH RELATED COVERAGE | Downtown Indy’s Future Plans announced

Downtown Indy’s future plans announced

“We’re excited anytime that there’s a new addition to the retail landscape here in downtown Indianapolis,” Taylor Schaffer, with Downtown Indy Inc., said.

Schaffer says this is just part of a pipeline of new projects and development coming to the area.