FRANKFORT, Ky. (AP) - House Speaker Greg Stumbo says horse racing tracks could generate up to $30 million a year in tax revenue for the state's financially troubled pension system by installing slot-like machines and then taxing the proceeds.
In Kentucky, actual slot machines are banned, but two horse tracks in the state have installed slot-like machines, called instant racing machines, that allow people to wager on the outcomes of past horse races.
Stumbo said he believes instant racing could generate wagers totaling $1 billion a year if expanded to additional tracks. Taxing those wages could be a boon for the pension system.
Stumbo has also proposed raising the state's cigarette tax from 60 cents to $1 a pack in a move he said could generate $100 million a year for the pension system.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Current Conditions
Weather for Lexington, Kentucky
Opinion
Most Commented
powered by Disqus
Enter your number for a chance to win great prizes! Message and data rates may apply 
|
