House of Representatives

HB 2368

hardship tax credit; permittee; racing

Sponsors: Representatives Somers; Giffords, Hershberger

X	Committee on Natural Resources and Agriculture
	Committee on Ways and Means
	Caucus and COW
	As Passed the House

HB 2368 adjusts the formula used to determine if a horse or dog racetrack is eligible for a tax credit.

History

Laws 1994, Chapter 370 established a hardship tax credit for eligible racetracks, beginning in 1995. Current law allows commercial racetracks to reduce the amount of pari-mutuel taxes owed to the state by using a formula that takes into account a decline in handle (total amount wagered at a racetrack) compared to a base year. The base year is established by determining the highest handle generated by a racetrack between FY 1990 and FY 1994.

Provisions

· Allows the base period amount (the base year) which is used to determine the hardship tax credit, to be adjusted for inflation using the Gross Domestic Product (GDP) price deflator.

·

·

· ---------- DOCUMENT FOOTER ---------

· 45th Legislature

· First Regular Session 2 January 22, 2001

·

· ---------- DOCUMENT FOOTER ---------