Investors trying to speed off with the taxpayers’ money hit a roadblock late last week: State Sen. Dan Patrick. He struck a blow against the proposed $25 million earmark to subsidize construction of a Formula One racetrack.
The hyped project in southwestern Travis County, outside Austin, would build a European-style “Formula One” racetrack — the first in the nation.
But the Senate Finance Committee on Thursday voted to pull the project off the acceptable list of programs that the state’s “major events” fund could finance.
According to the Business Austin Journal, Sen. Patrick (R-Houston) said he has “a tough time … in these times allocating $25 million for race cars.”
The Austin American Statesman meanwhile reported that the committee also voted to cut the “incentive” taxpayers provide for film companies to shoot in Texas.
But don’t get too excited. The Texas House left intact the crony-capitalism provisions. That means even though they won’t be in the Senate version of the budget, those line-items will very likely end up in the final budget sent to Gov. Rick Perry.