Lack of Kentucky Budget Would Impact Racing
Updated: Wednesday, May 29, 2002 8:42 AM
Posted: Wednesday, May 29, 2002 8:42 AM
Kentucky's budget woes could negatively impact the state's racing industry, which is counting on tax breaks to alleviate some financial strain.
The state hasn't passed its two-year budget bill yet, and if it isn't in place by July 1, existing laws won't be suspended to accommodate spending policies, the Louisville Courier-Journal reported.
The proposed budget would extend for two years a tax credit for Churchill Downs and Keeneland, and also grant Standardbred tracks a tax break. If a new spending plan isn't passed, the racetracks won't benefit.
Churchill Downs president Alex Waldrop told the Courier-Journal it could cost the Louisville racetrack about $800,000 a year and impact the second phase of a major capital improvement project under way at the facility.
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