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That is one of the detailes ofthe governor’s proposed VLT which was revealed Tuesday. Starting Jan. 1, taxpayers would get an individual income tax credit equal to 50 percent of the tax they pay ontheir vehicles, not to exceed $500 per tax The credit would cost the state about $30 million annually. Startingb Jan. 1, 2011, active duty militar personnel would be exempt from individualincome tax, which would cost the state aboutf $18 million annually.
Currently, active duty personnel are exempted from payinf income tax only when they are serving in a combat In apress release, Besheadr said he hoped his plan wouldx help retain the 100,000 jobs and $4 billion in annuakl economic impact that “Kentucky’s signatures horseracing industry” gives to the state. Fourteen and a half percent of the revenure generated from VLTs would support equin interests through purse supplements andotherd incentives. One percent would go to a newly createf EquineBreed Authority, which wouldd promote non-racing breeds and economic development opportunitied within the industry.
Each traco would pay an initial applicatioj feeof $25,000, plus license fees that would generate $360 million for the state’zs General Fund. Licensing would be for 10 years withsubsequent five-year renewals. would pay an initiapl application feeof $25,00 plus an additional license fee of $75 as would Lexington’s Keeneland/Red Mile track. Florence’xs Turfway Park would pay the highest license fee inthe $100 million.
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