The Kentucky Horse Racing Commission announced today that the Kentucky Breeders' Incentive Fund will distribute over $18.7 million in awards for 2008
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The fund, established in 2005, ensures the strength and growth of the horse industry in Kentucky. It is financed through the six per cent sales tax paid for breeding a stallion to a mare in this state.
“The breeder incentive programs continue to be a significant benefit to the industry and we are thrilled for the opportunity to offer over $18 million in financial rewards to those individuals supporting the industry and the economic growth of the horse industry in the commonwealth of Kentucky,” said Lisa Underwood, executive director of the Kentucky Horse Racing Commission.
Eighty per cent of the money collected goes to breeders of thoroughbreds with 13 per cent and seven per cent going to the breeders of standardbreds and non-race breeds, respectively.
The KBIF received over $15 million to be distributed in awards for the 2008 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. The KBIF awarded 4,119 races in Kentucky, across the U.S. and group one international races in Canada, England, France and Ireland.
The KSDF received $2.4 million for the Kentucky Sire Stakes program, which consists of three $25,000 legs and a $300,000 final for two and three-year-olds. Races will run at the Red Mile in Lexington, Kentucky, on August 9, 17 and 27 for two-year-olds and August 10, 20 and 30 for three-year-olds. The $300,000 finals will be run on September 6, 2009. The KYSS rich purse payouts have resulted in award winning stallions standing in Kentucky, including Deweycheatumnhowe.
The KHBIF received $1,315,708, which will be split proportionately among the 11 non-race breeds. The Kentucky Quarter Horse Association, representing the largest non-race breed in the state, received $428,927 and the Paso Fino, representing the smallest breed in Kentucky, received $13,579.
(KHRC)