$30m racing tax windfall on way

Racing Minister Winston Peters is expected today to unveil a $30 million industry tax package.

The news will be a fillip for the industry, enjoying a busy week with the Auckland Cup and the NZ Bloodstock Racing Hall of Fame dinner tonight.

Mr Peters is also set to announce an improved depreciation regime for stallions when he unveils the details in Auckland.

The changes are expected to iron out an anomaly in gaming legislation which results in the racing industry paying more tax than casinos.

The $30 million windfall is likely to be available for racing clubs, with the biggest getting the lion's share.

When he took the racing portfolio Mr Peters said: "There is no question gaming has had preferential treatment.

"Racing generates export earnings, creates jobs and builds a culture - the other, well, it doesn't do that.

"Racing is an important part of New Zealand life."