Parimutuel Racing Tax Act

Parimutuel Racing Tax Act - States the finding of the Congress that the sport of running horses and dogs in contests of speed, the outcome of which is subject to parimutuel wagering, is licensed and regulated by, and carried on in, thirty-one States.

States the finding that such sport involves the use of, has an effect on, and depends upon, the channels of interstate and foreign commerce.

Defines the terms used in this Act.

Imposes a special tax of $250 per year to be paid by each person who conducts a racing meeting. Provides that those conducting more than one such meeting shall be liable for a special tax for each meeting.

Requires the registration of those required to pay the special tax imposed by this Act.

Provides for a penalty of up to one year and a day imprisonment, or a fine of $1,000, or both, for violations of this Act.