Lack of Kentucky Budget Would Impact Racing

Kentucky's budget woes could negatively impact the state's racing industry, which is counting on tax breaks to alleviate some financial strain.

The state hasn't passed its two-year budget bill yet, and if it isn't in place by July 1, existing laws won't be suspended to accommodate spending policies, the Louisville Courier-Journal reported.

The proposed budget would extend for two years a tax credit for Churchill Downs and Keeneland, and also grant Standardbred tracks a tax break. If a new spending plan isn't passed, the racetracks won't benefit.

Churchill Downs president Alex Waldrop told the Courier-Journal it could cost the Louisville racetrack about $800,000 a year and impact the second phase of a major capital improvement project under way at the facility.