KY House Passes BC Tax Break Legislation
Image:
Description:
Legislation that would provide a pari-mutuel tax break during the two-day Breeders' Cup World Championships at Keeneland this fall passed the Kentucky House of Representatives by a vote of 80-11 March 2.
The measure, which has "emergency" status, was sent to the Senate, but it wasn't immediately known which committee would hear it. The bill includes a provision that the pari-mutuel tax break will expire within a certain period if the Breeders' Cup doesn't return to Kentucky.
Keeneland will host the event for the first time Oct. 30-31. A fiscal note with the legislation projects through historical data that the state general fund will forgo about $1.1 million in taxes if the bill passes and is signed by Gov. Steve Beshear.
The tax pertains only to money wagered on track on live races during the two-day World Championships.