Taxation; historical horse racing computerized machines; state and local privilege tax levied on pari-mutuel wagering on historical horse racing machines; local taxes repealed

HB 588 proposes to change the taxation structure for historical horse racing computerized machines. It would replace the current 1% state privilege tax on the pari-mutuel pool with a new state privilege tax of 4% and establish a new local privilege tax of 8%, both based on the "net gambling revenues" from these machines. These new taxes would be the exclusive state and local taxes on historical horse racing activities, leading to the repeal of several existing local pari-mutuel wagering taxes. This bill directly affects operators licensed to offer historical horse racing and the state and local governments that collect these revenues.