Ch. 651                                    LAWS OF MARYLAND

Approved June 2, 1987.

BY repealing and reenacting, with amendments,

Article 78B - Racing Commission

Section 11(b)(5)

Annotated Code of Maryland

(1980 Replacement Volume and 1986 Supplement)

Preamble

WHEREAS, In Chapter 7 of the Acts of the General Assembly of
Maryland of 1985, the Maryland General Assembly reduced the State
tax on pari-mutuel wagering at thoroughbred tracks licensed by
the Racing Commission; and

WHEREAS, It was the intent of the Maryland General Assembly
that the increased funds resulting from this reduction in tax be
used by the thoroughbred tracks as specified in Chapter 7 of the
Acts of the General Assembly of Maryland of 1985 to enhance the
physical plants and promotional activities of the thoroughbred
tracks; and

WHEREAS, It was not the intent of the Maryland General
Assembly that these increased funds be used in any way to settle
any increase in income taxes resulting from the increased funds;.
now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 78B - Racing Commission

CHAPTER 651

(Senate Bill 1001)

AN ACT concerning

Racing - Use of Increased Funds - Thoroughbred Tracks

FOR the purpose of clarifying that a thoroughbred track licensed
by the Racing Commission may not include in the calculation
of the minimum required expenditure any allowance for income
tax consequences resulting from a certain tax reduction when
preparing a certain report on the use of certain funds
resulting from a certain tax reduction; providing for a
certain termination date, and generally relating to the use
of increased funds at certain licensed thoroughbred tracks.

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