Analysis

Synopsis:

 Senate Bill 153 (SB 153) creates the Capital Improvements Gaming Tax Credit for racetrack gaming operators.

Analysis:

 Senate Bill 153 (SB 153) creates the Capital Improvements Gaming Tax Credit for licensed racetrack operators that will allow operators to invest in upgrades.  

The licensed racetrack gaming operator will be able to claim a tax credit up to 100% of their monthly tax liability not to exceed $1.5 million per fiscal year.  Operators much have had less than $25 million in combined net take in order to qualify for the credit. The expenses cannot be used for another tax credit.

The capital improvements’ costs or long-term financing must be at least equal to the tax. Improvements include racetrack facilities, racing surface, grandstand, access roads, parking area, and equipment related to operations.


The credit begins July 1, 2021 and sunsets five years later in 2026.

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