ALTOONA, Iowa (AP) - Officials at Prairie Meadows casino say the Internal Revenue Service has withdrawn its challenge of the Altoona center’s tax exempt status.
Prairie Meadows CEO Gary Palmer announced the IRS decision Wednesday at a board meeting. The decision was a dramatic change from an IRS report released in the spring that argued the casino was operating as a business with little oversite from Polk County.
A final determination that the casino in the Des Moines suburb wasn’t tax exempt could have cost Prairie Meadows roughly $60 million in back taxes and penalties.
The casino still could owe around $1 million to the IRS involving revenue from sources such as ATMs and gift shops, but those charges also are being appealed.
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