Posted at: 03/12/2013 6:25 PM
By: The Associated Press
SANTA FE, N.M. (AP) - The Senate has approved a proposal for tax breaks to New Mexico's horse racing tracks and casinos.
Supporters said Tuesday the tax credits would help tracks stay in business because they're struggling to compete with tribally operated casinos.
To qualify for the tax incentives, a track would have to increase the horse races it conducts during a season.
The tax breaks are projected to cost the state about $2.6 million in reduced revenue in the 2015 budget year when they are proposed to take effect.
The Senate approved the measure on a 27-13 vote and it goes to the House with only a few days left in the legislative session.
Opponents objected to the tax breaks and one senator expressed doubt that the incentives would rescue the racing industry.
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