HB 557 (BR 1755) - D. Pasley
AN ACT relating to pari-mutuel tax and making an appropriation thereof.
Amend KRS 138.510 to exempt pari-mutuel waging on live racing at a host track for one-day event that distributes over $650,000 in purses and the host track has an average daily handle of less than $1,200,000 and is authorized to conduct live racing a minimum of 30 days a year; amend KRS 230.240 to provide that drug-testing expenses, compensation of employees, and the salary of the executive director of the Kentucky Horse Racing Authority shall be paid by the Kentucky Horse Racing Authority; amend KRS 230.260 to allow the Kentucky Horse Racing Authority to levy fees by regulation against an association to protect the integrity of racing; create new sections of KRS Chapter 230 to establish the Kentucky Horse Racing Authority operating fund to be used by the authority to cover administrative and operating costs and the costs of drug testing; establish the Kentucky Horse Racing Authority stakes development fund and provide for distribution thereof; require the Kentucky Horse Racing Authority to submit an annual financial report the LRC by October 1 each year; require the Auditor of Public Accounts to conduct a financial audit of the Kentucky Horse Racing Authority at the end of each biennial budget and submit findings to the LRC by November 1; amend KRS 230.800, 230.802, and 230.804 to limit the amount of funds to be used for administrative expenses to 3.5% of the amounts deposited in the breeder's incentive funds; amend KRS 230.752 and 230.990 to conform; EFFECTIVE July 1, 2007.
Feb 20-introduced in House
Feb 21-to Appropriations & Revenue (H)