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.”