This bill amends several sections of the Florida Statutes concerning thoroughbred permitholders, establishing new operational requirements and tax incentives. It mandates that thoroughbred permitholders must conduct a full schedule of live racing until they notify the Florida Gaming Control Commission, with such notice not permitted before July 1, 2028. The bill also revises the tax criteria for intertrack wagering, introducing a lower tax rate for permitholders that conducted a full schedule of live racing in the previous fiscal year. Additionally, it removes certain criteria for renewing cardroom licenses, thereby easing operational requirements for permitholders.

Further amendments include clarifications regarding intertrack wagering, specifically allowing host tracks with contracts to broadcast live races from out-of-state tracks to accept wagers at guest tracks. The definition of "net proceeds" is also specified, detailing the deductions applicable before calculating this amount. The bill aims to enhance the regulatory framework for thoroughbred racing and wagering in Florida, promoting efficiency and compliance while providing financial benefits to permitholders. It is set to take effect on July 1, 2025.

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