ALTOONA, Iowa - The United States Supreme Court on Monday unanimously reversed a June 2002 Iowa Supreme Court decision that struck down a higher tax rate on Prairie Meadows and the state's two greyhound tracks than on the state's riverboat casinos.
Beginning in 1997, the tracks, which all house slot machines, began paying taxes on their profits at a graduated rate. The rate began at 22 percent and increased 2 percent each year prior to last year's ruling. The rate was scheduled to be capped at 36 percent in 2004.