HB 2575 eliminates certain tax revenue allocations to the horse industry escrowed purse account and modifies the distribution of pari-mutuel wagering revenue. The bill removes statutory allocations of tax proceeds related to horse ownership, racing, and breeding and revises how purse funds are distributed to horse racetrack associations. Additionally, it repeals the provision that allowed state horse breed registries to receive a portion of the escrowed purse funds and directs all funds to racing purses. The bill also amends tax allocation formulas in the Tax Code, removing specific references to horse industry-related revenue sources​.