Vote Smart's Synopsis:

Vote to pass a bill regarding fees related to horse racing.

Highlights:

-Establishes that on and after July 1, 2010, the excise tax shall be 1.5 percent of all money wagered on live races at the track (Sec. 1). -Specifies that all harness racetracks licensed by the authority shall be exempt from the excise tax (Sec. 1). -Establishes that beginning January 1, 2011, a development fee is imposed against all licensees at a rate of 1.5 percent of all amounts wagered through the licensee by Kentucky residents (Sec. 3). -Requires the remittance of the development fee imposed to be made weekly to the department not later than the first business day of the week (Sec. 4). -Specifies that all revenues received by the department from the development fee be distributed to the Kentucky thoroughbred fund (Sec. 4). -Specifies that on and after January 1, 2011, any person engaging in advanced deposit account wagering shall not accept a wager from any Kentucky resident unless the person is licensed by the authority (Sec. 8). -Permits the authority to impose a license fee on each applicant or licensee that shall not exceed $10,000 (Sec. 8).

Full Bill Text