Legislators give racetracks final offer on tax issue

Key legislators say they’re making their final offer to the state’s race track casinos: accept a 30 percent state tax rate on profits, or roll the dice on a U-S Supreme Court ruling on the taxation issue. The tracks sued the state and the Iowa Supreme Court ruled the tracks shouldn’t be taxed at a rate that’s higher than riverboat casinos. Managers of the Council Bluffs race track have accepted the legislators’ deal; Dubuque and Altoona have not. Senate Republican Leader Stewart Iverson of Dows says all the tracks have to accept the deal by early next week, or it’s off the table. Senate Democrat Leader Mike Gronstal of Council Bluffs says the tracks may have decided to quit “horsing around” and are now willing to cut a deal. House Speaker Christopher Rants, a republican from Sioux City, says legislators will walk away if the ALL three tracks fail to accept the deal.at this time. Lawmakers will have to close down several state environmental programs on April 1st if the tracks don’t agree to pay the 30 percent tax rate to the state.