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HEAVY FEDERAL TAX FOR RACETRACKS WASHINGTON. 1. C, January 1. Racing associations which enjoyed prosperous meetings last year will be hard hit by the new federal revenue bill, according to expert accountants. That some of them may have to pay a tax approximating 00,000 .is declared to be not improbable. Provisions of the pending bill will apply to racing associations in Maryland. Kentucky and Louisiana as well as New York State, and it is estimated that half a million dollars will scarcely cover the total amount of their contribution to the treasury. Racing at fairs is not subject to the tax.