Legislative Committee Formed To Assess Tax Structure Of Historical Horse Racing

Sen. Damon Thayer and Rep. Adam Koenig have been appointed co-chairs of the Pari-Mutuel Wagering Taxation Task Force, which will study the taxes and rates related to horse racing, the impact that changing the rates would have, and the funds relating to the horse industry which receive historical horse racing tax receipts, eventually determining if any changes to those tax rates should be made.

Thayer is the Senate majority leader and a former racing executive, while Koenig sponsored the bill in the House clarifying the legal status of HHR machines.

Other members of the committee include: Julie Raque Adams, Christian McDaniel, Stephen West, Jonathan Dixon, Al Gentry, Matthew Koch, and Jason Petrie.

The Kentucky Equine Education Project, Kentucky’s equine economic advocate, released the following statement on the appointment of the Pari-Mutuel Wagering Taxation Task Force:

“The Kentucky Equine Education Project (KEEP) commends the appointment of the Pari-Mutuel Wagering Taxation Task Force, the first step in ensuring an equitable tax rate for historical horse racing (HHR) that will result in increased revenue for the state and promote continued growth for Kentucky’s nation-leading horse industry.

“During the legislative session when the preservation of HHR was discussed, Kentucky’s horse industry pledged to work with the legislature to assess the tax structure of HHR, how those funds are allocated, what the impact would be on the industry and Kentucky’s economy if the tax rates are changed, and determine if any changes should be made to the existing structure.

“KEEP stands ready to work with the Task Force and be part of the conversation on HHR to ensure that entire horse industry – all breeds and disciplines – continues to see benefit from HHR through incentive funds and other state programs. Additionally, it is paramount that changes to the tax structure of HHR are not detrimental to the horse industry’s 60,000 direct and indirect jobs and its $6.5 billion impact on Kentucky’s economy. KEEP looks forward to working closely with the Task Force to accomplish these goals.

“KEEP extends its gratitude to Representative Matt Koch and Representative Ruth Ann Palumbo for their legislative efforts to establish this Task Force.”

The post Legislative Committee Formed To Assess Tax Structure Of Historical Horse Racing appeared first on Horse Racing News | Paulick Report.

DYFD Winter - 300x90

Comments are closed.