Florida Passes $55M in Bonus Awards, HISA Funding

The Florida legislature passed a tax bill May 5 that includes significant wins for the state's horse racing industry, including funds for owner and breeder awards, purses and capital improvements at Gulfstream Park and Tampa Bay Downs, and tax credits to cover the cost of Horseracing Integrity and Safety Act assessments.

The tax package, HB 7063, unanimously cleared both chambers Friday. Among the many tax incentives and reductions enacted for two years:

• $5 million to the Florida Thoroughbred Breeders' and Owners' Association for awards and incentives
• $5 million to Tampa Bay Downs for purses and facilities, pursuant to an agreement with the Tampa Bay Downs Horsemen's Benevolent and Protective Association
• $15 million to Gulfstream Park for purses and facility improvements, pursuant to an agreement with the Florida Thoroughbred Horsemen's Association
• $2.5 million for Florida-bred stakes and purse bonuses in Florida races
• Tax credits to the Thoroughbred racetracks to cover costs of Horseracing Integrity and Safety Act (HISA) assessments

Representative Stan McClain, chair of the House Ways and Means Committee, was credited with leading the effort to include $55 million worth of support for the Thoroughbred industry. Florida Governor Ron DeSantis is expected to sign the bill into law. 

"This industry is extremely fortunate to have some very determined supporters and leaders in Tallahassee who appreciate our nearly $3 billion annual economic impact to the Sunshine State," said Florida Thoroughbred Breeders' and Owners' Association CEO Lonny Powell.