On Monday, February 20, the Kentucky Horse Racing Commission announced that the Kentucky Breeders' Incentive Funds are distributing more than $12.8 million in awards
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The KBIF was implemented in 2005 to ensure the strength and growth of the horse industry in Kentucky. This fund is financed through the 6 per cent sales tax paid for breeding a stallion to a mare in Kentucky. The monies are divided 80 per cent to the thoroughbreds, 13 per cent to the standardbreds and 7 per cent to the non-race breeds.
The Kentucky Thoroughbred Breeder Incentive Fund (KBIF) received $10 million, Kentucky Standardbred Breeders’ Incentive Fund (KSBIF) received $2 million for the Kentucky Sire Stakes (KYSS) program and the Kentucky Horse Breeders Incentive Fund (KHBIF) received $815,824 in breeder incentive funds.
“Since the inception of the program, the breeder incentive funds have awarded more than $95 million dollars to Kentucky breeders and owners across the Commonwealth,” said KHRC Chairman Robert Beck. “We are pleased to award an additional $12 million in 2012.”
The KBIF will distribute more than $10 million in awards for the 2011 thoroughbred racing season. The KBIF requires owners to board mares in Kentucky from the time of breeding until the birth of the foal. Incentive payments are based on the foal’s eventual winnings on the racetrack. In 2012, the KBIF will award $10 million on 3,200 races in Kentucky, across the United States and Group 1, 2 and 3 international races in Canada, England, France and Ireland during 2011.
The KSBIF awarded $2 million to fund the 2012 Kentucky Sire Stakes that consists of two $30,000 legs and a $250,000 final for two and three-year-olds. Races will run at The Red Mile on Aug. 19 and Aug. 30 for two-year-olds and Aug. 23 and Sept. 1 for three-year-olds with the $250,000 final on Sept. 9.
The funding for KHBIF is split proportionately among the 11 non-race breeds. The Kentucky Quarter Horse Association, representing the largest non-race breed in the state between 2009 and 2011, received $219,815 and the Kentucky Morgan Horse Association, representing the smallest breed in Kentucky, received $7,354. The remaining funds went to the other associations in this category.
The breeder incentive funds are administered by the KHRC.
(Kentucky Horse Racing Commission)