(1) Every person engaged in the business of conducting a race meeting at which live horse races are run for stakes, purses, or prizes, under the jurisdiction of the Kentucky Horse Racing and Gaming Corporation, shall pay a tentative license tax to the state, as provided in subsection (2) of this section.
(2) Any race track for any year commencing December 1 and ending the following November 30 for the days upon which races are actually conducted for any stake, purse, or prize, shall pay a license tax based on the average daily mutuel handle for the preceding year as follows: Average Daily Mutuel Handle License Tax $0 - $25,000 $ 0 $25,000 - $250,000 $ 175 $250,001 - $450,000 $ 500 $450,001 - $700,000 $1,000 $700,001 - $800,000 $1,500 $800,001 - $900,000 $2,000 $900,001 and above $2,500 (3) As used in subsection (2) of this section the term "daily mutuel handle" shall mean the total gross amount of money bet or wagered by a race track's patrons by means of pari-mutuel, combination, or French pools on live races conducted by the track.