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§ 11-516. Transfer or sale of Preakness

West's Annotated Code of MarylandBusiness Regulation

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 11. Horse Racing (Refs & Annos)
Subtitle 5. Thoroughbred Racing (Refs & Annos)
Part II. Mile Thoroughbred Racing (Refs & Annos)
MD Code, Business Regulation, § 11-516
§ 11-516. Transfer or sale of Preakness
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.

Credits

Added by Acts 1992, c. 4, § 2.
Formerly Art. 78B, § 11.
MD Code, Business Regulation, § 11-516, MD BUS REG § 11-516
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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