GPWizard F1 Forum

F1 News & Discussions => General F1 Discussion => Topic started by: cosworth151 on February 22, 2019, 04:11:49 PM

Title: COTA Denied $20 Million in Tax Funding for F1
Post by: cosworth151 on February 22, 2019, 04:11:49 PM

The state of Texas has denied COTA's annual request for $20 million dollars. The track uses the tax payer money to pay the licensing fee for the U.S.G.P. The track didn't file the proper paperwork.

If somebody told me that I needed to turn in a form to get $20 million, You can bet that I'd be dang sure to make that happen!

https://racer.com/2019/02/20/cota-denied-20-million-in-state-funding-for-2018-f1-race/

Title: Re: COTA Denied $20 Million in Tax Funding for F1
Post by: Calman on February 22, 2019, 05:47:20 PM

I'm not surprised in the slightest.

Drop it and give us a race in New Zealand, South Africa or a 2nd in Australia or 2nd in Canada!  :yahoo:

Best Regards,
Cal :)

Title: Re: COTA Denied $20 Million in Tax Funding for F1
Post by: John S on February 22, 2019, 06:39:31 PM

Think there's a bit more to it Cossie.

Looks to me like someone has been purposely looking for a way not to pay. This seems to have been a hot potato in the political arena in Texas.

Just like in F1 itself they're arguing over technicalities that are really deflection tactics.

   

Title: Re: COTA Denied $20 Million in Tax Funding for F1
Post by: Jericoke on February 22, 2019, 08:49:54 PM

Quote from: John S on February 22, 2019, 06:39:31 PM

Think there's a bit more to it Cossie.

Looks to me like someone has been purposely looking for a way not to pay. This seems to have been a hot potato in the political arena in Texas.

Just like in F1 itself they're arguing over technicalities that are really deflection tactics.

   

What, they don't think that Texan taxes should bolster the bottom line of some New York hedge fund and a bunch of European car companies?

Title: Re: COTA Denied $20 Million in Tax Funding for F1
Post by: cosworth151 on February 22, 2019, 09:09:15 PM

I agree, John. Former governor Rick Perry set up the deal when he was trying to land the Republican nomination for President. I don't think current governor Gregg Abbott has ever been very happy with it. He might just see this as a way out.