Texas Horse Racing To Get Purse Boost From New Law Diverting Sales Tax On Horse Products

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As much as $17.5 million per year could be used to support Thoroughbred and Quarter Horse purses in Texas as a result of legislation signed into law last weekend by Gov. Greg Abbott.

House Bill 2463 diverts sales taxes on horse feed, tack and other horse-related products and services from the state’s general fund to an escrow account established by the Texas Racing Commission and capped at $25 million annually. No more than 70% of the funds in the escrow account may go toward purses. If the escrow account reaches $25 million, that would be an additional $17.5 million in purse money annually, virtually doubling the current amount, based on an economic study conducted by TXP Inc. consultants.

 

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