Bill > HB2575

This bill modifies Texas laws related to horse racing and simulcast wagering, specifically focusing on changes to the horse industry escrowed purse account. The bill eliminates certain tax proceeds previously earmarked for horse-related industries and adjusts how funds are allocated from simulcast betting. Specifically, it removes provisions that previously allowed state horse breed registries to apply for funds and focuses exclusively on allocating escrowed purse money to horse racing associations. The bill allows horse racetracks near greyhound tracks to apply for up to 20% of escrowed funds if their handle (total amount wagered) has decreased due to cross-species simulcast betting. Additionally, the bill repeals sections of tax code that previously collected and distributed tax revenues from horse-related expenditures, effectively ending a specific tax allocation mechanism for the horse industry. The changes are part of a broader effort to streamline and modify regulations surrounding horse racing and simulcast wagering in Texas, with the bill set to take effect on September 1, 2025, and requiring the Texas Racing Commission to update its rules accordingly.

Budget and Finance

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=HB2575