SEARCH NEWS:

 

Iowa Legislation Works Towards Deal with Gambling Industry

DES MOINES, Iowa – As reported by the (Iowa) Globe Gazette: "After the Iowa Supreme Court struck down the state's gambling tax structure last week, legislative leaders will regroup today to try to forge some type of agreement with the state's gambling industry.

"But they're vowing that they won't pay back taxes to the three racetracks who won their lawsuit against the state. The tracks claimed they were unfairly taxed at a rate higher than riverboat casinos.

"House Speaker Christopher Rants, R-Sioux City, had said lawmakers would strike some type of deal with the state's racetracks within days of the court ruling.

"But the close of the week brought no resolution between lawmakers and the gaming industry. Rants said any deal between the two won't require the state to pay the tracks $112 million in back taxes.

"…Gov. Tom Vilsack agrees the state will not suffer a financial loss because of the court ruling.

"…The governor has proposed a tax structure that would set progressive tax rates based on the volume of revenues rather than one that sets different rates for racetracks and riverboat casinos. Vilsack believes his proposal would address concerns set out by the court…"

< Gaming News