A bill designed to aid the Texas racing and breeding industry was signed into law Saturday by Gov. Greg Abbott, confirmed Robert Elrod, spokesman for the Texas Racing Commission. It goes into effect Sept. 1.

The bill calls for a portion of existing taxes on specific horse products and services like feed, supplements, tack, grooming supplies, bedding and boarding, to be placed in an escrow account that will be capped at $25 million a year.

Those funds, which will start being collected Sept. 1, can eventually be applied for by racetrack associations and breed registries to be used for the betterment of the industry, including for purses, according to both the bill and a Texas House summary of HB 2463.

More to come at www.drf.com

UPDATE - COMPLETE REPORT: https://www.drf.com/news/texas-governor-signs-legislation-help-racing-and-breeding-industry?type=news/all-news