LEXINGTON, Ky. (Tuesday, May 25, 2021) –The Kentucky Equine Education Project, Kentucky’s equine economic advocate, released the following statement on the appointment of the Pari-Mutuel Wagering Taxation Task Force:
“The Kentucky Equine Education Project (KEEP) commends the appointment of the Pari-Mutuel Wagering Taxation Task Force, the first step in ensuring an equitable tax rate for historical horse racing (HHR) that will result in increased revenue for the state and promote continued growth for Kentucky’s nation-leading horse industry.
“During the legislative session when the preservation of HHR was discussed, Kentucky’s horse industry pledged to work with the legislature to assess the tax structure of HHR, how those funds are allocated, what the impact would be on the industry and Kentucky’s economy if the tax rates are changed, and determine if any changes should be made to the existing structure.
“KEEP stands ready to work with the Task Force and be part of the conversation on HHR to ensure that entire horse industry – all breeds and disciplines – continues to see benefit from HHR through incentive funds and other state programs. Additionally, it is paramount that changes to the tax structure of HHR are not detrimental to the horse industry’s 60,000 direct and indirect jobs and its $6.5 billion impact on Kentucky’s economy. KEEP looks forward to working closely with the Task Force to accomplish these goals.
“KEEP extends its gratitude to Representative Matt Koch and Representative Ruth Ann Palumbo for their legislative efforts to establish this Task Force.”
ABOUT KEEP
The Kentucky Equine Education Project, Kentucky’s equine economic advocate, is a not-for-profit grassroots organization created in 2004 to preserve, promote and protect Kentucky’s signature multi-breed horse industry. KEEP is committed to ensuring Kentucky remains the horse capital of the world, including educating Kentuckians and elected officials of the importance of the horse industry to the state. KEEP was the driving force in the establishment of the Kentucky Breeders Incentive Fund, which has paid out more than $177 million to Kentucky breeders since its inception in 2006, and pari-mutuel wagering on historical horse racing, which has been responsible for more than $50 million to purses and more than $24 million to the Kentucky Thoroughbred Development Fund.
KEEP works to strengthen the horse economy in Kentucky through our statewide network of citizen advocates. To learn more about how you can become a member or support our work, please visit www.horseswork.com.
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