NEWS
Payouts to be lower from Kentucky Breeders' Incentive Fund
Posted: Saturday, March 13, 2010 1:42 PM
Because of declining stud fees and fewer mares bred, the Kentucky Breeders' Incentive Fund will distribute 12.1% less in award money for Thoroughbreds that raced in 2009, compared with the previous year.
The total to be awarded from the fund for 2009 is $13,409,571. For 2008, the fund distributed $15,253,911 to Thoroughbreds.
The total number races awarded in 2009 declined 7.7% to 3,804, compared with 4,119 in 2008. The average award per race for last year decreased 4.8% to $3,525, compared with $3,703 in 2008.
The fund is financed through the 6% sales tax on stud fees. 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.
The money allocated to the Kentucky Breeders' Incentive Fund is divided among breeds, with 80% going to Thoroughbreds. The fund was established in 2005 to ensure the strength and growth of Kentucky’s horse industry.
