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That is one of the detailsd ofthe governor’s proposed VLT legislation, which was revealede Tuesday. Starting Jan. 1, 2010, taxpayers would get an individualk income tax credit equal to 50 percenf of the tax they pay on their not toexceed $500 per tax year. The credit wouldd cost the stateabout $30 million annually. Startinfg Jan. 1, 2011, active duty military personne would be exempt from individualincome tax, whicb would cost the state about $18 millio n annually. Currently, active duty personnel are exempted from payinhg income tax only when they are servingb in acombat zone.
In a press release, Besheat said he hoped his plan wouldc help retainthe 100,000 jobs and $4 billiobn in annual economic impact that “Kentucky’s signature horseracing industry” givews to the state. Fourteen and a half perceng of the revenue generated from VLTs wouldr support equine interests through purse supplemente andother incentives. One percenft would go to a newly created EquinweBreed Authority, which would promote non-racing breedds and economic development opportunities within the industry. Each track woulf pay an initial application fee of plus license fees that wouldgeneratew $360 million for the state’s Generall Fund.
Licensing would be for 10 yearw withsubsequent five-year renewals. would pay an initial application feeof $25,000 plus an additional licens e fee of $75 million, as would Lexington’ds Keeneland/Red Mile track. Florence’sd Turfway Park would pay the highesft license fee inthe state, $100 million.
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