"The [Racing Amendment Act is] sitting in front of the Parliamentary Select Committee at the moment, forestalled, also waiting for the Messara review, also may well be not fit for purpose."
Peters recently charged Australian administrator John Messara with conducting a high level review of the racing industry, which he is to present on July 31.
Messara could recommend a total revamp of the Racing Act or major changes to the Racing Amendment Act.
Though any legislative changes Messara could recommend could provide the racing industry with a major windfall in the long term, there could be short-term fallout.
New Zealand Racing Board chief executive John Allen recently said the lack of race fields legislation was costing the industry $1 million each month.
That cost looks set to continue to be worn by the industry until at least August, if not longer.
Peters dropped the first and likely the last of his pre-Budget announcements for racing at Addington on Friday night.
In 2006, during his last tenure as racing minister, Peters made changes to alleviate horse bloodstock taxation.
The effect of the rule changes he made have since been watered down due to the way they are able to be interpreted.
Peters announced on Friday the upcoming Budget would lead to the strengthening of those rules.
"Twelve years ago, as Minister of Racing and alongside the then Minister of Finance, changes were introduced for an accelerated write-down regime for bloodstock.
"The current rules around tax write-downs have become lost from their original purpose of promoting investment.
"As a government, we have been working on steps to increase ownership and make the purchase of bloodstock attractive again.
"In the next Budget, the Government is bringing it back again, and this time so they can't fiddle round with it and make an interpretation."
