FL S1016

Creates a "Breeders' Cup Permanent Meet" to be conducted annually at a Florida horseracing facility designated by Breeders' Cup Limited, running from the first day of races through November 30.

Exempts the Breeders' Cup Permit from referendum requirements and mileage limitations otherwise applied to pari-mutuel permits.

Prohibits thoroughbred racing within 35 miles of the Breeders' Cup facility on meet days; affected permitholders receive tax credits up to $950,000 annually for operating losses.

Grants the Breeders' Cup permitholder tax exemptions on race day handle and two tax credits up to $950,000 each—one for purses exceeding legal requirements and one for capital improvements and extraordinary expenses.

Exempts the Breeders' Cup permitholder from paying purses and horsemen payments on all wagered races on Breeders' Cup days and allows broadcasting of races to out-of-state and international betting systems.