Florida Budget Signed, Includes Ongoing Incentives to Racing Industry

[Wandering Eyes]

Florida Governor Ron DeSantis signed into law Monday a budget package that includes a continuation to, and in certain ways a redistribution of, the incentives and promotions that lawmakers have funnelled towards the state racing and breeding industries in recent years.

The budget includes the following details:

• $15 million to Gulfstream Park and $5 million to Tampa Bay Downs for purses “and for the maintenance and operation” of these facilities. This mirrors the amounts listed for such purposes in last year's budget.
• $6 million to Gulfstream Park and $1.5 million to Tampa Bay Downs to be used as purses and purses supplements specifically for Florida-bred and sired horses.
• A $2 million direct appropriation to the Florida Thoroughbred Breeders' and Owners' Association (FTBOA).

Furthermore, the budget eliminates the requirement for Thoroughbred permitholders to pay their $2 million annual slot machine licensing fees, provided the permitholder is “in compliance” with certain specifics outlined in the budget.

Pre-existing legislation means the annual racetrack tax credits to offset HISA funding assessments continues this year unaffected.

The budget was a contentiously fought affair, both within the state legislature–which took an additional 45 days over the normal timeframe to agree upon a final package–and among some of the state's key racing industry organizations (beyond the ultimately thwarted attempts to decouple the live racing requirement for Gulfstream Park and Tampa Bay Downs to operate their respective casino and card rooms).

An earlier version of the tax package advanced by the Florida House of Representatives included a small section tacked onto the end of the bill that would have maintained $27.5 million in annual purse subsidies at Gulfstream Park and Tampa Bay Downs, but would have stripped out the FTBOA as a receiving or administering entity for that money.

Last year, the state legislature funneled $5 million specifically towards the FTBOA in breeding and racing incentives and promotions. While this year's direct appropriation to the FTBOA is $2 million, the budget includes a combined $7.5 million for the tracks to use as purses and purses supplements specifically for Florida-bred and sired horses.

In a Monday statement, FTBOA CEO Lonny Powell singled out leaders in the Florida Senate for their “ongoing support” of the state's Thoroughbred breeding industry.

“Were it not for key Senate allies, Florida's breeding program would be in a precarious position. We are thankful that Thoroughbred breeding remains a priority in Florida. With Governor Desantis's approval today, Florida will continue to develop top-quality horses, while protecting the important and historic economic, agricultural, and cultural legacy of our state's Thoroughbred breeding industry.

“Today's additional state investment affirms the racetracks' responsibility to the Florida industry. We anticipate benefits to our breeders as purse incentives drive up market values for the second most valuable state-breds in the nation,” Powell added.

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