2010 Maryland Code
BUSINESS REGULATION
TITLE 11 - HORSE RACING
Subtitle 5 - Thoroughbred Racing
Section 11-516 - Takeout allocation if Preakness is transferred or sold.
§ 11-516. Takeout allocation if Preakness is transferred or sold.
If the Preakness Stakes is transferred otherwise than under § 11-520(b) of this subtitle or if it is sold to a buyer other than the State, the takeout of the mutuel pools on each race held thereafter shall be allocated as follows:
(1) to the Maryland-Bred Race Fund, 1% of each mutuel pool;
(2) to the Commission, for State tax, 4.09% of each mutuel pool;
(3) to purses, 5% of each regular mutuel pool, 8% of each multiple mutuel pool on 2 horses, and 14% of each multiple mutuel pool on 3 or more horses; and
(4) to the licensee, 6.91% of each regular mutuel pool and 5.91% of each multiple mutuel pool, from which the licensee shall pay 0.25% of all pools to the Maryland Race Track Employees Pension Fund.
[An. Code 1957, art. 78B, § 11; 1992, ch. 4, § 2.]
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
