Kentucky House passes bill to levy tax on advance deposit wagering
By APFriday, February 26, 2010
Kentucky bill takes aim at online wagering
FRANKFORT, Ky. — The Kentucky House has passed a bill that would levy an excise tax on Internet wagering on horse races by Kentucky residents.
Democratic Rep. Larry Clark of Louisville, the bill’s lead sponsor, said Friday that the intent is to generate additional money to help boost live racing at Kentucky race tracks.
The bill takes aim at the growing popularity of online and phone betting by imposing the tax on advance deposit wagering providers.
The tax would be equal to 0.5 percent of money wagered by Kentucky residents through ADW providers. Two-thirds of the revenue would be returned to Kentucky tracks, with half that amount devoted to boosting race purses in hopes of luring more horsemen to race in Kentucky.
The measure easily cleared the House on an 85-8 vote. It now goes to the Senate.
The legislation is House Bill 368.
