Friday, November 19, 2021 at 7:50 pm |
Come back: Top News
Update: November 19, 2021 at 7:50 pm
During a meeting at Frankfort Friday, the Pari Mutuel Tax Task Force, led by State Senator and Majority Leader Damon Thayer, outlined the advantages of allowing Kentucky hybrids to claim meetings. Race to get additional coins.
Claim races are not currently eligible to be added to the Kentucky Thoroughbred Development Fund (KTDF) pocketbook.
“You need to claim the horses to give the opportunity to receive a grant and deposit for horses,” said Rick Hiles, president of the Kentucky Settlement & Protection Association (KHBPA). “It is time to acknowledge their important role and let all horses born in the state and bred by a stallion in the Commonwealth benefit from being bred in Kentucky. ”
In Kentucky, races for money make up about half of all races but only 17% of total wallets. KTDF supplements, which typically cover 25 to 50% of the undeclared race, are paid only to registered Kentucky crossbreeds. Those are horses born in the commonwealth and bred by a Kentucky stallion.
Thayer explained that the best way to implement the policy is through legislation that allows for an extension, but that the KHRC and KTDF advisory committees will oversee the parameters.
The Kentucky HBPA projects that the KTDF when claiming races will add $5 million to $10 million a year to those wallets, if applicable as approximate percentages of other races. The horse claim also provides a source of income to the state General Fund through a 6% state sales tax that applies each time a horse is claimed. As of November 13, a total of 923 horses have been claimed in Kentucky for a total of $22,400,500 with 27 race days remaining in 2021. That number represents $1,362,030. sales tax.
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