Breeders' Cup tax exemption signed into law in Kentucky

Gov. Matt Bevin of Kentucky has signed a bill that grants Breeders’ Cup Ltd. a tax exemption on its handle any time the two-day event is held at a Kentucky track.

Breeders’ Cup had lobbied the Kentucky legislature this year to make the tax exemption permanent, after receiving the break in the past on an event-to-event basis from the legislature. The legislation waives the state’s excise tax on handle, a break that worked out to $750,000 for Breeders’ Cup when it was held at Churchill Downs in Louisville in 2011. The event also is scheduled for Churchill in Louisville this November.

“A permanent incentive further illustrates Kentucky’s strong support for hosting the Breeders’ Cup, and we look forward to returning to Churchill Downs on November 2 and 3 of this year, as well as future events in the Commonwealth of Kentucky,” Breeders’ Cup said in a statement.