Kentucky Horse Racing Commission
Kentucky Breeders’ Incentive Fund distributes more than $16 million in awards
The Kentucky Horse Racing Commission (KHRC) announced today that the Kentucky Breeders' Incentive Fund will distribute more than $16 million in awards for 2009, down from $18 million in the previous two years.
The fund, established in 2005 to ensure the strength and growth of the horse industry in Kentucky, is financed through the 6 percent sales tax paid for breeding a stallion to a mare in the Commonwealth. The recent decline in stallion stud fees, as well as the decline in mares bred, has resulted in the loss of revenue to the fund. To remain competitive, money from the reserve account was added to the incentive funds. The money in the reserve is comprised of the interest generated from the sales tax, registration fees and all other sources.
“Breeding is an essential part of the industry in Kentucky and the incentive programs reward and thank our breeders for breeding, racing and showing in Kentucky. We are delighted to offer over $16 million in rewards and thankful our breeders continue to participate and support the incentive funds,” said Lisa Underwood, executive director of the Kentucky Horse Racing Commission.
The dollars allocated to the fund are divided among breeds; 80 percent to thoroughbreds, 13 percent to standardbreds and 7 percent to non-race breeds.