The Ruidoso News reported yesterday that current legislative efforts in Santa Fe, to help Ruidoso Downs Race Track with “tax parity” is essentially “dead” as currently written. State lawmakers are in no mood to grant tax concessions to race tracks and casinos – given the $600 million budget gap the state is facing.
It appears that new legislation may be substituted, whereby local property tax or gross receipt tax dollars would be used to offset the track’s annual losses. This option seems to have support in the Capitol – and within the Senate Finance Committee, where Chairman John Arthur Smith ( D-Deming, NM) has previously opposed the tax parity bill.
Last November, the Ruidoso Downs Racetrack and Casino applied with the New Mexico Racing Commission to move it’s operations to Las Cruces, should the State Legislature not pass a “tax parity” bill.
Support for the track is widespread, and well documented, mainly through efforts of the Ruidoso Valley Chamber of Commerce and I would encourage you to visit this web site for more information.
I support the efforts to help our the Ruidoso Downs Race Track stay in Ruidoso Downs. It is a major contributor to our tourism based economy, provides employment for many, and I am sure the loss of the track would have a significant impact on real estate values in the area. Everyone who owns a home or business or lives, works or visits the area should be concerned and I urge you to contact your legislators and get involved.
I’m hopeful that a creative win-win solution will be soon be implemented, as it’s not good for the community to be in this state of limbo. This has been going on for 4 years now, and everyone is ready for it to be resolved. I commend the local leadership, business owners and especially the Ruidoso Chamber of Commerce for all the effort they have put into educating the community and legislators alike.
What do you think? Do you have a creative solution. Please post your thoughts below.
