Kentucky Breed Incentive Changes Being Considered
- Topics: Article
A Kentucky Horse Racing Commission committee is considering changes to the state's Breeders' Incentive Fund, money for which comes from a 6% sales tax on stud fees.
The committee met Oct. 21 to toss around ideas and devise a plan to better market the fund, which paid about $15 million in awards to Thoroughbreds, Standardbreds, and other breeds of horses in 2008. The money is split 80% to Thoroughbreds, 13% to Standardbreds, and 7% to other breeds under legislation passed in the mid-2000s.
In 2006, the first year of payments, breeders earned $12 million. The total improved to about $15 million in 2007-08, but this year's payments are projected at $13.4 million because of declines in the breeding industry.
Roughly 98% of the fund comes from the tax on Thoroughbred stud fees
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