Florida tax bill extends Thoroughbred subsidies and credits

The Florida legislature on Friday passed a tax bill that will remove a sunset provision on more than $30 million in subsidies and tax credits for the racing industry that were first authorized last year.

The tax package, passed on one of the last days of the legislative session, includes $15 million annually for Gulfstream Park, to be used for capital improvements or purse enhancements, plus $5 million annually for Tampa Bay Downs, for the same purposes. In addition, the bill grants the tracks $5 million in tax credits to fund their assessments for the Horseracing Integrity and Safety Authority, which took over regulation of racing in most states last year.

The bill also allows for $5 million in funding for the Florida Thoroughbred Breeders’ and Owners’ Association, to be used for breeding and racing incentives and “promotions,” and an additional $2.5 million for enhancements for Florida-bred races.

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The legislature approved identical provisions last year, but the subsidies and tax credits would have expired at the end of 2024. This year’s bill removed the expiration.

Lobbyists for racing and breeding constituents in Florida have emphasized the economic impact of the Thoroughbred industry in the state during consultations with legislators. A recent study funded by the equine industry contended that Florida’s equine industry contributes $12.8 billion to the Florida economy, with $3.24 billion generated by the Thoroughbred industry.

The bill now goes to Gov. Ron DeSantis, who is expected to sign it.

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