New racecourses to be paid by Provincial Growth Fund

New Zealand First's loyalty to the racing industry has galloped beyond tax breaks for good looking race horses to include not one but several all-weather race tracks for the industry. Racing Minister Winston Peters secured a tax change in the Budget this year to allow new investors to claim deductions for the cost of horses based on the "virtue of its bloodlines, looks and racing potential''. It's now been revealed $30 million of contingency funding in the Provincial Growth Fund has been earmarked for coalition government pet projects and the racing industry is set to benefit.