Italian GP, ​​Monza racetrack again at risk

More financial troubles for the Monza racetrack. On Thursday the Senate Budget Commission did not admit, and therefore did not approve, an amendment to the Stability Law which provided for the non-taxation of the operation with which the Lombardy Region intended to enter into co-ownership of the Park and the Autodrome together with the Municipalities of Monza and Milan.

The regional councilor for Expo, Fabrizio Sala, recalled how “the president Roberto Maroni and the mayors of Milan and Monza, Giuliano Risappia and Roberto Scanagatti, had instead expressed themselves in favor of the provision by signing a joint letter delivered to the Premier Matteo Renzi. The amendment was judged technically inadmissible as it lacked financial coverage, which however was not necessary in this case".

“Without this rule,” added Sala, “the transfer of ownership from the Municipalities of Milan and Monza to the Lombardy Region would be subject to taxes, which would effectively take away all the resources that the Lombardy Region had allocated to the operation, i.e. approximately 20 million of Euro. By not becoming owner of the area, the Lombardy Region is not able to intervene and finance the relaunch of that sector".

The Government could however intervene at the last minute by providing for an ad hoc fiscal neutrality regime and exempting the operation from the tax. The Italian GP in Monza's contract with F1 will expire in 2016.