Thayer’s bill provides for 90 percent of the approximate $5 million a year in pari-mutuel taxes to go the KHRA and 10 percent to a purse supplement fund that would be divided with 80 percent to Thoroughbreds, 13 percent to Standardbreds, and 7 percent to Quarter Horses.
An additional $500,000 to $600,000 would come from shifting the tax on claimed horses, while $750,000 to $1 million could also possibly come from a tax credit that would become available if the Breeders Cup World Championship races do not return to Churchill Downs in 2009 (as of now the races are scheduled to be held at Santa Anita in California).
After applying for available funds, breeding associations and racetracks would also have to submit a marketing plan detailing how the money would be spent in promoting the sport.
On Monday, Gov. Steve Beshear vetoed a budget line item that would have given the state’s smaller racetracks an exemption in paying a daily fee to the KHRA. Thayer is hoping that his proposal would allow all tracks to be exempt from paying a fee, which is $1,750 per live racing day for harness tracks and $3,500 for the Thoroughbred tracks.