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Supreme Court Hears Iowa Track Tax Dispute1 April 2002IOWA – As reported by Thoroughbred Times: "An Iowa dispute over casino tax rates reached the state Supreme Court on Friday, with $121-million on the line for racetracks with slot machines. "The state's three pari-mutuel tracks, including the only Thoroughbred track, Prairie Meadows Racetrack and Casino, contend that they should not have to pay a higher tax rate than riverboat casinos with slot machines. "…The tracks are disputing taxes paid since 1997. State legislation first allowed slot machines at horse and greyhound tracks in 1994 at a tax rate of 20%. Since 1997, the tracks' tax rate has risen annually by 2%, with the current rate at 32%, and the maximum rate of 36% to be reached in 2004 "The highest tax on gross gambling revenues for riverboat casinos is 20%…" |