Senator Damon Thayer (Republican) told the Courier-Journal on Tuesday that he is working to correct the “unintended consequence” of a Kentucky state tax law which currently requires gamblers to pay taxes on their gross gambling winnings, rather than the net, as it had been done in years past.
To fix the issue, Thayer is working on an amendment to House Bill 354, which passed last week.
“It changes it back to the way it's always been done and is also the fair way to do things,” said Thayer. “We want to make sure we keep the pricing on Kentucky racing appropriate so that horse players will continue to wager on our races. It's the most important economic driver in horse racing's business model. It drives purses, it drives breeder awards, it also puts about $18 million to $20 million a year in Kentucky's General Fund.”
Read more at the Courier-Journal.
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