Bill > HB1703

This bill establishes an equine industry tax credit and creates a mechanism for funding federal horse racing regulations. Specifically, the bill allows the Washington Horse Racing Commission to impose fees to comply with the Horseracing Integrity and Safety Act of 2020, a federal law governing horse racing safety standards. A new Washington Equine Industry Federal Regulatory Account will be created, which will receive up to $1,500,000 per fiscal year from state sales and use taxes collected by class 1 racing associations. The bill provides a tax credit for race meet licensees equal to the amounts they pay to the federal Horseracing Integrity Safety Authority or the state Horse Racing Commission. To claim the credit, licensees must file an application by January 31st, keep necessary records, and electronically file all required documentation. The account's funds can only be used to pay fees charged by the federal horse racing authority, and the tax credit provisions will take effect on January 1, 2026, while other sections of the bill become effective on July 1, 2025. The bill aims to help the horse racing industry manage the costs of complying with new federal safety regulations while providing financial support through a dedicated state account.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1703&Year=2025&Initiative=false