Kentucky grants permanent tax break to Breeders' Cup

A bill that gives Breeders’ Cup Ltd. a tax break anytime the two-day event is held at a Kentucky racetrack passed unanimously in the state Senate on Wednesday, and the legislation is now headed to the desk of Gov. Matt Bevin.

The bill, which was sponsored by both Democrats and Republicans, would exempt Breeders’ Cup from paying state taxes on its pari-mutuel handle, an exemption that was worth $750,000 to the organization the last time it held its event in the state, according to a statement accompanying the bill.

The legislature has passed bills granting Breeders’ Cup one-time tax breaks in the past when it was held at Kentucky tracks. The new bill would grant the exemption in perpetuity.

The Breeders’ Cup is scheduled to be held this year at Churchill Downs in Louisville.