This bill amends various sections of the Florida Statutes concerning thoroughbred permitholders and their operations. It mandates that thoroughbred permitholders must conduct a full schedule of live racing until they formally notify the Florida Gaming Control Commission of their intent to stop, detailing specific requirements for the timing and content of such notifications. The legislation also revises the tax criteria for intertrack wagering, introducing a lower tax rate for those permitholders who conducted a full schedule of live racing in the previous fiscal year. Furthermore, it streamlines the cardroom license renewal process by removing certain criteria that permitholders previously had to meet.

In addition to these changes, the bill includes conforming provisions to maintain consistency with the new requirements and reenacts several sections to incorporate the amendments. Notably, it deletes previous stipulations regarding the renewal of cardroom licenses and the conditions for issuing slot machine licenses to thoroughbred permitholders. The bill also clarifies the financial arrangements for intertrack wagering, defining "net proceeds" as the amount remaining after deducting state taxes, required purses, payments to out-of-state horse tracks, and breeders awards. The new regulations are set to take effect on July 1, 2025.

Statutes affected:
S 408 Filed: 550.01215
S 408 c1: 550.01215, 550.0951, 551.104