|
|
|
 |
Indiana Granting Casinos Tax Reprieves
INDIANAPOLIS, INDIANA --
The state House in Indiana has approved a plan giving tax breaks to casinos and gambling venues, advancing the bill to the Senate. Indiana horse racing tracks have been allowed to install slots, but are facing a stiff tax burden.
Debt incurred to pay the licensing fees for running slot machines has put the racinos in desperate straights. The tracks had just borrowed to pay the $250 million fee as the recession began to hit.
The bill proposes allowing both the Anderson and Shelbyville tracks to pay a lower rate of gambling tax. Riverboats are also given permission to deduct promotional giveaways from taxable income,with the caveat that promotions increase from the previous year.
Representatives passed the plan hoping to keep economic conditions feasible for the casinos, especially given that slots were brought to the tracks to save them, not ruin them. Still, Senate leaders have been speaking of the need to keep all possible tax income in the face of the state budget deficit.
If the bill doesn't pass, the combination of declining income, high taxes, and debt service may cause trouble keeping the tracks open and maintaining all the jobs dependent on racing continuing.
Previous USA Casino News Articles
Post A Comment
|
 |
|
|
|
