Tax breaks related to the high profile Breeders Cup Championships at Keeneland have been signed into law.
The ceremony was held Tuesday at the state capitol.
The law exempts the pari-mutuel tax on wagering on live races during the two-day event.
Breeders Cup President Craig Fravel says when it was held in California, the event had an $80 million impact on the local economy. "When you combine this year's event with the thoroughbred sales that will follow immediately, you're gonna have people coming to Lexington, coming to Kentucky for a much longer period of time that has historically been the case," said Fravel.
Fravel and Governor Beshear agree that the tax incentives, estimated at $750,000, could help persuade the Breeders Cup to return to Kentucky in 2018. Senate Majority Floor Leader Damon Thayer would like to see Kentucky as a regular stop for the Breeders Cup. "We want to get Kentucky back in the regular rotation for the Breeders Cup which is where it belongs," said Thayer. "This is the place where the Breeders Cup makes the most money, gets the biggest crowds, has the most enthusiasm, has a strong effect on the sales season at Keeneland and Fasig Tipton."
The Breeders Cup Championships are scheduled for October 30 and 31.
