Florida bill passed to fund tracks, provide credits for HISA costs

The Florida legislature on Friday passed an omnibus tax package that includes $20 million in funding for Tampa Bay Downs and Gulfstream Park as well as tax credits for their share of the assessments charged by the Horseracing Integrity and Safety Authority.

Under the bill, Tampa Bay Downs and its horsemen will share $5 million, to be used for purses, capital improvements and maintenance, and operational expenses, while Gulfstream Park and its horsemen will receive $15 million for the same uses. In addition, the Florida Thoroughbred Breeders’ and Owners Association will receive $5 million for awards and incentives, with an additional $2.5 million provided for purses and bonuses in races restricted to Florida-breds.

The funding will be distributed in both 2023 and 2024.

:: Bet the races on DRF Bets! Sign up with code WINNING to get a $250 Deposit Match, $10 Free Bet, and FREE DRF Formulator. For the HISA assessments, the bill will allow tracks to claim a tax credit for the full amount of money that is paid to the authority. Under HISA’s enabling legislation, tracks are responsible for paying the assessments if the state’s racing commission does not agree to collect fees from racing industry participants and make the payments.

The total HISA assessment for the state of Florida in 2023 is expected to be $5.9 million, according to the Florida Horsemen’s Benevolent and Protective Association.

Gov. Ron DeSantis is expected to sign the legislation.

“We thank Gov. DeSantis and all of our state legislators who recognize the importance of Thoroughbred racing and breeding to the state of Florida,” said Joe Orseno, the president of the Florida HBPA, in a release. “The revenue generated through this bill will help ensure the continued stability and growth of an industry that is so important to so many Floridians.”

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