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Update to Knoxville Raceway Tax Break in Iowa Senate

Posted: Saturday, March 31st, 2018 at 4:58 am
Author: KNIA/KRLS News - Andrew Swadner

An update Knoxville Raceway tax break has once again been introduced to the Iowa State Senate.

In 2014, Governor Terry Branstad signed a bill that provided for the rebate of state sales and use tax of up to $2 million for the raceway renovation project. An update to the bill failed in the Senate in 2016 that would would remove language that limits the 25% tax rebate of the project to a two million dollar cap.

The issue has once again come up in the 2017-18 session introduced by State Senators Amy Sinclair and Ken Rozenboom which would modify the original bill and reduce the size of the rebate to $1.8 million, where it passed a subcommittee with a recommendation on passing. The bill currently sits in the Ways and Means committee awaiting approval.