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Can you summarize KYRS 137.170?
LICENSE TAXES > Tentative state license tax on race meetings.
Short Summary
This legal document pertains to the payment of a tentative license tax by persons conducting race meetings in Kentucky. The tax is applicable to race tracks for the days on which races are actually conducted and is based on the average daily mutuel handle for the preceding year. The term ‘daily mutuel handle’ refers to the total gross amount of money bet or wagered by a race track’s patrons on live races. The tax rates vary based on the range of the average daily mutuel handle. The document provides a schedule of license tax rates for different ranges of average daily mutuel handle. The document also includes historical amendments to the law. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Persons engaged in the business of conducting a race meeting at which live horse races are run for stakes, purses, or prizes, under the jurisdiction of the Kentucky Horse Racing Commission
What does it govern?
Race meetings and license taxes
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky