02/12/2013 5:05PM

Kentucky committee passes bill to tax account wagers

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A Kentucky legislative committee passed a bill on Tuesday that would place a 0.5 percent tax on bets placed by Kentucky residents through account-wagering operations.

The House Appropriations and Revenue Committee passed the bill unanimously. A nearly identical bill has passed out of the full House on two occasions in the past three years, but it had not been taken up by the Senate in either year.

The effort to enact the tax is being supported by some horsemen and racing officials who have noted that wagers placed by Kentucky residents through wagering accounts are not subject to the same tax treatment as an ontrack bet. Bets placed through accounts also do not return as much revenue to horsemen and tracks as those placed ontrack.

Under the bill, 85 percent of the money raised by the tax would go to Kentucky racetracks and horsemen. Supporters estimate that the tax will raise $400,000 a year.

Anonymous More than 1 year ago
How does a private industry go to a state assembly and ask for a tax that supports them? I've read elsewhere this may go nowhere. Tracks and Breeding concerns should get their money from the take on all bets, ontrack or off. They need more, change the take and rewrite their deals with ADW's and simulcast outlets. How in heck does private business request a TAX to support them? Can't ask that enough.
Anonymous More than 1 year ago
Message to the Horsemen and Racing officials if your not getting enough split, change it with each ADW. Not your decliing customer base. That covers the 85% going to you from this tax. Well according to the article. Now where is the other 15% going? State Pensions????
Nathan More than 1 year ago
screw the horseplayer again. thank you internet for off-shore betting. did the d.r.f. editors know that take-out at u.s tracks is at an all time high. you can thank 10 cent supers and 50 cent pick 4's. you will counter with 15 % pick 5 , but overall, we get screwed . exchange betting is the only thing that can save horse racing. wake up and support it.
mikey More than 1 year ago
If tvg is behind it forget about it.