Kentucky Breeders' Incentive Fund Distributes $10 Million
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The Kentucky Horse Racing Commission (KRHC) announced Feb. 18 that the Kentucky Breeders' Incentive Fund (KBIF) will distribute $10 million in awards to 1,398 breeders of winning horses in eligible races around the world in 2010.
"Kentucky continues to be a world leader in breeding and racing Thoroughbreds and our ability to provide incentives for breeding stallions to mares in the Commonwealth shows the world we are serious about our signature industry," said Kentucky Gov. Steve Beshear in a statement.
There were a total of 3,159 races eligible for awards in 2010, with 514 of them run at Kentucky tracks with an average award of $8,693. That means nearly $4.5 million in awards were granted for breeders winning at Kentucky tracks. Additionally, for the fifth straight year, $100,000 was awarded to the each of the winners of the Kentucky Oaks and the Kentucky Derby.
"We are grateful Kentucky breeders continue to support and participate in the KBIF and thrilled to have the opportunity to award $10 million dollars to breeders of horses winning throughout the world," said Lisa Underwood, executive director of the KHRC, in a release.
The KBIF was established in 2005 to ensure the strength and growth of the horse industry in Kentucky. Over the last five years, more than $66 million has been distributed for races won in the United States, Canada, England, Ireland, and France.
The KBIF is financed through the 6% sales tax paid for breeding a stallion to a mare in Kentucky. The recent decline in stallion stud fees, as well as mares bred has resulted in the loss of revenue to the fund. To remain competitive, money from the reserve account was added to the incentive fund. The money in the reserve is comprised of the interest generated from the sales tax, registration fees, and all other sources.
"Kentucky continues to be a world leader in breeding and racing Thoroughbreds and our ability to provide incentives for breeding stallions to mares in the Commonwealth shows the world we are serious about our signature industry," said Kentucky Gov. Steve Beshear in a statement.
There were a total of 3,159 races eligible for awards in 2010, with 514 of them run at Kentucky tracks with an average award of $8,693. That means nearly $4.5 million in awards were granted for breeders winning at Kentucky tracks. Additionally, for the fifth straight year, $100,000 was awarded to the each of the winners of the Kentucky Oaks and the Kentucky Derby.
"We are grateful Kentucky breeders continue to support and participate in the KBIF and thrilled to have the opportunity to award $10 million dollars to breeders of horses winning throughout the world," said Lisa Underwood, executive director of the KHRC, in a release.
The KBIF was established in 2005 to ensure the strength and growth of the horse industry in Kentucky. Over the last five years, more than $66 million has been distributed for races won in the United States, Canada, England, Ireland, and France.
The KBIF is financed through the 6% sales tax paid for breeding a stallion to a mare in Kentucky. The recent decline in stallion stud fees, as well as mares bred has resulted in the loss of revenue to the fund. To remain competitive, money from the reserve account was added to the incentive fund. The money in the reserve is comprised of the interest generated from the sales tax, registration fees, and all other sources.