The Iowa Supreme Court said Aug. 6 it would not revisit its ruling that the state's three racetrack casinos are unjustly taxed. The chance remains the state, in need of revenue, could appeal.
Prairie Meadows stands to save $17 million in gaming tax payments this year and $23 million by 2004 after the Iowa Supreme Court ruled June 12 that it was unconstitutional to charge a higher tax rate for slot machines at racetracks than those on riverboats.
The pari-mutuel industry in Iowa got a major boost June 12 when state Supreme Court justices ruled they could "find no rational reason for treating racetrack slot machines differently than riverboat slot machines." Racetracks currently pay a 32% tax, while the riverboats pay 20%.
Most Popular Stories
- No Belmont Stakes for Conquest Curlinate
- Willcox Inn Suffers Fatal Paddock Accident
- Winning Crown Connections Feel It's Time
- American Pharoah Impressive in Workout
- Wise Dan Cleared to Resume Galloping
- Moreno Seeks First SoCal Win in Californian
- NY Bill Could End Exercise Riders' Insurance
- Keen Ice Breezes Nicely; 'Pharoah' Walks
- Brown Sends Two West for American Oaks
- Sweet Idea Leads Seven-Figure Trio at MM Sale