Governor: racing should be “self-supporting”
New York Governor Andrew Cuomo has proposed a $2 million tax hike on state racetracks as well as off-track betting and simulcasting operations to help fund the state agency that regulates the industry.
In his 2014 budget plan released January 21, Cuomo said he supports a raise on the current surcharge on handle from .5 percent to .6 percent to “ensure that regulation of this industry becomes self-supporting.”
According to the Blood Horse, Cuomo has also proposed a funding increase for the state Gaming Commission from $106 million to $114.6 million in the coming fiscal year, in part to pay for new staff to regulate new casino gaming in the state.
“Regulation of the horse racing industry is intended to be self-financing–paid for entirely by the industry,” said a Cuomo budget memo. “However, the cost of regulating the industry has consistently exceeded the revenues collected by the industry. This bill ensures that assessments on the industry are sufficient to meet the cost of regulation.”
