A bill is on its way to Iowa Gov. Branstad's desk to sign into law to award the Knoxville Raceway up to $2 million over the next 10 years in tax rebates.

Brian Stickel, Knoxville Raceway General Manager/Promoter, says the $2 million tax rebate will help jump start plans for a major improvement/expansion project at the track that has been in the preliminary planning stages.

"We are excited about the possibilities that this bill will help grow attendance and tourism in our great state through visitors to the Knoxville Raceway," Stickel said. "This expansion will assist in showing fans from around the world that Knoxville Raceway continues to be the leader in dirt motorsports."

The expansion plans being considered are for a four-story building to be located on the southeast corner of the track. An entry plaza and skywalk to the existing stands, additional skyboxes, a rooftop terrace, raceway offices, and retail space are all options being considered as portions of the new structure.

Early cost estimates for the project range from $6 to $8 million.

During the 2013 season, Knoxville Raceway had more than 211,000 visitors to the famous half-mile dirt track.