Section 11-516 - Takeout allocation if Preakness is transferred or sold.
§ 11-516. Takeout allocation if Preakness is transferred or sold.
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.
[An. Code 1957, art. 78B, § 11; 1992, ch. 4, § 2.]