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Bill Offering Tax Break For Keeneland Advances

A Kentucky Senate committee has approved a bill that would give a tax break to Keeneland racetrack for hosting the Breeders' Cup this coming fall.

The House-passed measure cleared the Senate Appropriations and Revenue Committee without any changes Monday. If it passes unchanged in the full Senate, the measure would go to Governor Steve Beshear. The bill would restore the parimutuel tax exemption for the Breeders' Cup when it's in Kentucky.

The measure would waive the state's excise tax on live parimutuel wagering at the Lexington track during the two-day Breeders' Cup this fall. Supporters say the exemption would cost the state about $1 million but say the economic benefit to the state for hosting the event will be much higher.