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Tax break proposed in KY

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February 14, 2007 Send To A Friend  | Print View

According to reports, legislation that would give racetracks a tax break on special racing days, effective July 1, has been introduced in the Kentucky legislature.

The bill would give tracks a tax break similar to the one Churchill Downs receives when it hosts the Breeders’ Cup World Championships. The legislation being considered sets the purse threshold at $650,000 for one program at tracks with daily average on-track handle of under $1.2 million.

The state’s excise tax at Ellis Park, Turfway Park and The Red Mile is 1.5 percent of all money wagered in a fiscal year. The tax break would pertain to one event per track per year, and each track must offer at least 30 days of live racing.

The bill also contains provisions to shift 0.75% of the excise tax for Thoroughbred tracks and 1% for harness tracks to breed development funds.

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