The "real benefits of the move towards tax parity for the racing industry will not flow" until at least '17, according to Chris Roots of the SYDNEY MORNING HERALD. The state government has "announced a five-year plan to get to tax parity with Victoria on TAB betting for the racing industry in NSW," dropping the tax rate on TAB bets from A$3.22 ($2.50) to $1.28 ($.99) per A$100 ($77). Details on how the money will be distributed have "yet to be worked out but it will take the form of payments from a fund rather than using the existing intercode agreement." The first payment of about A$10M ($7.7M) is scheduled to be made in Jan. '16, but that will "almost certainly be used" to fund The Championships at Randwick in April. The raw figures provided in the announcement would see A$25M ($19.4M) flow in '16-17 and it would "grow as the tax decreases" to A$85M ($65.9M) in '19-20. However, the first A$10M of any funding would always be committed to The Championships. Deputy Premier and Racing Minister Troy Grant said that payments would be "made in January and June in the plan under consideration but wants to meet with racing officials to discuss the best model for distributing the new form of revenue." Racing NSW CEO Peter V'landys "welcomed the announcement after leading the fight to get tax parity." V'landys: "This decision by Mike Baird and Troy Grant makes racing viable and gives us a future" (SMH, 6/16).
