Kentucky State Legislature | Horse Racing Free Tips

A Pari-Mutuel Wagering Taxation Task Force has been established in the Kentucky General Assembly to “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 [and] determine if any changes should be made.” The task force will be co-chaired by Kentucky State Senator Damon Thayer and House of Representatives member Adam Koenig.

The Kentucky Equine Education Project (KEEP) issued a statement in support of the action Tuesday:

“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 Taxation Task Force to Look at HHR Rates appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post

Kentucky State Senator John Schickel and Kentucky Senate President Robert Stivers introduced Senate Bill 120 into the Kentucky State legislature late Tuesday with the goal of keeping historical horse racing in Kentucky and ensuring the future of Kentucky's signature equine industry.

“KEEP applauds Senator Schickel and Senate President Stivers for Introducing Senate Bill 120, Legislation to Keep Historical Horse Racing in Kentucky,” read a KEEP press release issued late yesterday.

“In response to the Supreme Court's ruling on historical horse racing, the legislation will define pari-mutuel wagering to be consistent with how the Kentucky Horse Racing Commission has regulated live racing for decades and historical horse racing for the last 10 years. The legislation also reaffirms that only pari-mutuel wagering on simulcasts of live racing can occur at simulcast facilities. In effect, this maintains the status quo that Kentucky has known for the last decade, ensuring HHR venues can continue or resume operations that are so beneficial to the horse industry and statewide economy.

“This effort is about preserving a system of wagering we've known for live racing for decades and historical horse racing for the last 10 years,” Schickel said last week, as he prepared to introduce the legislation. “This is about maintaining the status quo. Our immediate action as legislators is critical to protecting current and future jobs and economic development across the Commonwealth.”

A ruling in September by the Kentucky Supreme Court stipulated that many of the state's machines do not constitute pari-mutuel wagering and were therefore not allowed. It also required that legislation be introduced to uphold the existing definition of the games as pari-mutuel before the end of the legislative session Mar. 30. The original lawsuit against HHR was brought by the Family Foundation, a conservative organization opposed to gambling and its expansion. Members of the racing industry argue that the loss of revenue would be crippling to racing in Kentucky.

“We applaud Sen. Schickel for championing Senate Bill 120, which will keep historical horse racing in Kentucky and protect critical jobs, economic investment and state revenue at a time when they are needed most,” said the statement from KEEP. “We also thank Senate President Stivers for his support as a co-sponsor of this important legislation. The Kentucky Supreme Court gave the General Assembly clear direction to preserve the status quo, and SB 120 gives us a path forward.

“Historical horse racing is an integral part of Kentucky's signature equine industry and our economy as a whole and has helped position Kentucky as a worldwide leader in racing. With real jobs and investment on the line, we urge the members of the Senate Licensing and Occupations Committee to promptly move this legislation forward so that the commonwealth can continue to benefit from historical horse racing, now and in the years to come.”

SB 120 is set to be heard in the Senate Licensing and Occupations Committee at 11 a.m. Thursday, Feb. 4.

The post HHR Bill Introduced in Kentucky State Senate appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post