Tax parity with Victoria would result in an estimated extra $72 million being available to the industry. The funds would be used to encourage investment and growth.

"Without parity this document can be put in the drawer," V'landys said. "Unless we address the disparity between what owners pay out and what they get back the industry will continue to contract.

"Every other state in Australia has a better share of wagering than us. Why is NSW different to any other state in Australia?"

Racing needs investment, which would come from tax parity, to stop a cycle that has resulted in dramatic reductions in field sizes and TAB wagering, and the losses of owners and horses from the state.

NSW racing pays the highest state tax in the country. The tax is $3.22 in every $100 on tote bets and $1.56 in every $100 on fixed-odds wagers with the TAB.

Tax parity would drop those levels to the $1.28 and 63¢ taken by the Victoria government.

"Racing NSW is not seeking some form of tax concession," the report says. "The industry pays normal corporate and GST taxes. What is clear is that the government levy on racing revenue is excessive relative to that imposed on NSW's competitors and is undermining the economic sustainability of the industry and of the revenue flowing to the state."

Tax parity would also benefit the other codes – greyhounds and harness – which would get their shares under the intracode agreement.

The aim of the strategic plan is to make the racing industry in NSW a national leader.

Increasing prizemoney at every level is a focus. Almost $55 million of the budgeted $78.63 million expected from tax parity would return in stakes if the scenario plays out.

Saturday metropolitan purses would be lifted to a minimum $100,000, provincial purses to a minimum of $30,000 and country TAB meetings to a minimum of $20,000.

Some $2 million each set aside for marketing, training and apprenticeships.

However, the focus of the plan is to get owners back to racing by eliminating nomination and acceptance fees, which would carry a $4 million cost, one of the bigger spends. Another is on race clubs ($6 million) and infrastructure investment ($5 million).

In broad terms, NSW owners as a group are losing $200 million every year and one of the main themes of the strategic plan is encourage them to invest in racing by increasing returns.

The tax parity issue has been at the centre of Racing NSW battles for the past couple of years and even the estimated $72 million that would come if this eventuates would not be enough to fulfil the goals set out in the strategic plan.

"One of the things we are going to have to do is review our race-fields charges, even if we get parity," V'landys said. "We are still, from our estimates, $6 million short on a recurring basis, so we will revisit that, but not the way the other states have done it."

The Championships will take $15.225 million of the tax parity money to give Sydney "grand finals at every distance and every age".

"In 10 years we will have an event in Sydney that is the equal of any race meeting in the world," V'landys said. "We want The Championships to keep getting better and better."

The plan also addresses the need to build a quarantine facility and the viability of race clubs.

It suggests stables around Warwick Farm could be sold off and, again, that Horsley Park be used as a possible "training facility similar to Newmarket in England".

The $2 million for traineeships and apprenticeships would help to alleviate the shortage of skilled workers, from trackwork riders to those needed in track management positions.

There are also plans to develop a summer carnival and staying races in Sydney.

The plan suggests a 10 per cent premium be added to prizemoney in an attempt to keep horses in the system.

It also suggests a youth think tank be established.