Kentucky Sets Town Meeting on Incentive Fund
Updated: Thursday, April 28, 2005 2:33 PM
Posted: Thursday, April 28, 2005 11:06 AM
Thoroughbred organizations in Kentucky have scheduled a town hall meeting May 18 to discuss implementation of the new Kentucky Thoroughbred Breeders' Incentive Fund, revenue for which will begin to accrue July 1.
The Kentucky Thoroughbred Association/Kentucky Thoroughbred Owners and Breeders, Kentucky Thoroughbred Farm Managers' Club, and Kentucky Equine Education Project are co-sponsoring the meeting, to be held at 6 p.m. EDT at the Fasig-Tipton Co. sale pavilion in Lexington.
The town hall meeting will focus on ideas and concepts for distribution of the fund's proceeds beginning in 2006. Other funds were established for Standardbreds and all other breeds. The Kentucky Horse Racing Authority will oversee the funds.
The incentive funds are part of Gov. Ernie Fletcher's tax modernization plan. The money--about $15 million--will come from a 6% tax on stud fees, revenue from which currently goes to the general fund. Thoroughbreds will get about 80% of the money, or $12 million, each year.
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