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Can you summarize KYRS 138.510?
EXCISE TAXES > Taxes on pari-mutuel wagering on live racing and telephone account, intertrack, and interstate wagering -- Exemptions -- Uses of tax revenue -- Order of disbursements -- Two-day international horse racing event.
Short Summary
This legal document imposes excise taxes on pari-mutuel wagering on live racing and telephone account, intertrack, and interstate wagering. The tax rates vary depending on the type of track and the fiscal year. The document specifies the distribution of the tax revenue, including deposits into various development funds for Thoroughbred racing, harness racing, and quarter horse, paint horse, Appaloosa, and Arabian horse racing. It also allocates funds for equine industry programs at universities, equine drug testing, and the general fund. The document exempts pari-mutuel wagering on live harness racing at a county fair from the excise tax. Additionally, it provides an exemption for money wagered at a host track during a two-day international horse racing event that distributes over twenty million dollars in purses and awards. The taxes imposed by this document are paid, collected, and administered as provided in KRS 138.530.
Whom does it apply to?
Tracks conducting pari-mutuel wagering on live racing, tracks conducting telephone account wagering, tracks participating as receiving tracks in intertrack wagering, and tracks participating as receiving tracks displaying simulcasts and conducting interstate wagering
What does it govern?
Taxes on pari-mutuel wagering on live racing and telephone account, intertrack, and interstate wagering
What are exemptions?
Pari-mutuel wagering on live harness racing at a county fair
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky