![North Gyeongsang Provincial Assembly member Lee Chun-woo. [North Gyeongsang Provincial Assembly]](https://wimg.heraldcorp.com/news/cms/2026/08/27/news-p.v1.20260827.5784ee80c9624dfe87dfbbc57c3c160d_P1.jpg)
The North Gyeongsang Provincial Assembly announced Wednesday that Assembly member Lee Chun-woo (Yeongcheon, People Power Party) had introduced a bill to amend the province's local tax exemption ordinance at the 365th extraordinary session.
The Yeongcheon racetrack was secured through a 2009 agreement among North Gyeongsang Province, the Korea Racing Authority and the city of Yeongcheon, with a 50 percent leisure tax reduction for 30 years set as a condition of the deal.
That condition was reaffirmed through three additional agreements in 2010, 2012 and 2018. With the racetrack set to open in September, the province said the relevant ordinance needed to be updated.
The amendment would cut by 50 percent the leisure tax owed to North Gyeongsang Province on all ticket sales by the Korea Racing Authority — covering on-site sales, off-track betting outlets and online channels — through Aug. 31, 2029.
The opening of the Yeongcheon racetrack is expected to generate about 40 billion won ($28.9 million) in annual leisure tax revenue for the province. Even after the reduction, the province expects to secure more than 20 billion won in stable annual tax income.
With more than 20 billion won in annual provincial tax revenue expected from the racetrack's operations, officials said the facility would contribute significantly to the welfare of North Gyeongsang residents through the development of the horse industry, regional economic revitalization and job creation.
The bill is scheduled for a final vote at a plenary session on Sept. 3.
"The core purpose of this ordinance amendment is to establish the institutional foundation for the Yeongcheon racetrack to serve not merely as a racing facility but as a hub for developing the horse industry and revitalizing the local economy," Lee said.
kbj7653@heraldcorp.com
