AB 701, CA Horse Racing Comp Bill, to Gov for Signature

AB 701, which would increase the state takeout rate for the horseracing industry and funnel that money to pay for workers' compensation insurance, passed out of the House on Monday 67-0 with Senate amendments concurred in. The matter will now go to Governor Schwarzenegger for signature, who is expected to sign the bill.The bill would add and repeal Sections 19605.75, 19605.76, 19605.77 and 19605.78 of the Business and Professions Code as an urgency measure.The state's takeout rate would be increased by by one-half of 1%, from 20.18% to 20.68% until January 2009.Schwarzenegger had vetoed a si...