Thursday, February 25, 2010
Online Betting Tax Moves Forward
KENTUCKY....
Kentucky lawmakers are considering a bill aimed at boosting live racing to help Kentucky's racing industry. House Bill 368, which would levy an excise tax on advance deposit wagering providers, such as online and phone betting, has been approved by the House Appropriations and Revenue Committee. Such wagering has been a growing segment of betting on U.S. thoroughbred racing. Representative Larry Clark (D-Louisville), the bill's lead sponsor, says the tax would be equal to 0.5% of money wagered by Kentucky residents through ADW providers. Two-thirds of the revenue would be returned to Kentucky racetracks, with half devoted to boosting race purses, hopefully generating larger fields for Kentucky's tracks.
Kentucky lawmakers are considering a bill aimed at boosting live racing to help Kentucky's racing industry. House Bill 368, which would levy an excise tax on advance deposit wagering providers, such as online and phone betting, has been approved by the House Appropriations and Revenue Committee. Such wagering has been a growing segment of betting on U.S. thoroughbred racing. Representative Larry Clark (D-Louisville), the bill's lead sponsor, says the tax would be equal to 0.5% of money wagered by Kentucky residents through ADW providers. Two-thirds of the revenue would be returned to Kentucky racetracks, with half devoted to boosting race purses, hopefully generating larger fields for Kentucky's tracks.
# posted by Homer Owens @ 11:33 AM 
