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Ruidoso Downs Race Track "tax parity bill" opposed in Santa Fe

By
Real Estate Agent with Weaver Real Estate 41855

The Ruidoso News reported yesterday that current legislative efforts in Santa Fe, to help Ruidoso Downs Race Track with “tax parity” is essentially “dead” as currently written. State lawmakers are in no mood to grant tax concessions to race tracks and casinos – given the $600 million budget gap the state is facing.

It appears that new legislation may be substituted, whereby local property tax or gross receipt tax dollars would be used to offset the track’s annual losses. This option seems to have support in the Capitol – and within the Senate Finance Committee, where Chairman John Arthur Smith ( D-Deming, NM) has previously opposed the tax parity bill.

Last November, the Ruidoso Downs Racetrack and Casino applied with the New Mexico Racing Commission to move it’s operations to Las Cruces, should the State Legislature not pass a “tax parity” bill.

Read more about this story at The Ruidoso Blog.

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