Bill Text: NJ S2992 | 2018-2019 | Regular Session | Introduced
Bill Title: Provides for horse racing purse subsidies and that portion of sums received by the horse racing permit holder from sports wagering will be paid to horsemen's associations pursuant to agreement with racetrack; makes appropriation.*
Spectrum: Slight Partisan Bill (Democrat 10-5)
Status: (Passed) 2019-02-14 - Approved P.L.2019, c.36. [S2992 Detail]
Download: New_Jersey-2018-S2992-Introduced.html
Sponsored by:
Senator VIN GOPAL
District 11 (Monmouth)
Senator PAUL A. SARLO
District 36 (Bergen and Passaic)
SYNOPSIS
Provides horse racing purse subsidies for five-year period; makes appropriation.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning horse racing purse subsidies and supplementing P.L.1940, c.17 (C.5:5-22 et seq.), and making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. There shall be appropriated out of the General Fund of the State in the current fiscal year 2019 and in each of the four fiscal years thereafter $20,000,000 annually to the New Jersey Racing Commission to be used for horse racing purse subsidies. These amounts shall be allocated by the New Jersey Racing Commission equally between the thoroughbred industry and the standardbred industry. Of the funds allocated to the thoroughbred industry, 100 percent shall be allocated to Monmouth Park overnight purses. Of the funds allocated to the standardbred industry, 60 percent shall be allocated to Meadowlands overnight purses; 16 percent to Freehold overnight purses; 12 percent to the New Jersey Sire Stakes purses; 6 percent to purse bonuses for New Jersey sired horses; and 6 percent for breeders awards purses.
2. There is appropriated out of the General Fund of the State for the 2019 Fiscal Year $20,000,000 to the New Jersey Racing Commission to be used for horse racing purse subsidies in the manner provided by section 1 of this act, P.L. , c. (C. ) (pending before the Legislature as this bill).
3. The recipient of any funds appropriated pursuant to this act, as a condition of receiving any such funds in the next fiscal year thereafter, shall file an annual report with the New Jersey Racing Commission that documents the purposes for which those funds were used and the amounts allocated for those purposes. Each annual report shall include, but not be limited to, the following information: impact on the handle/total amount bet; impact on the total number of horses in the races; impact on the number of New Jersey bred horses in the races; impact on the number of New Jersey bred horses winning races; number of brood mares in New Jersey; number of New Jersey bred foals born; and any impact on the New Jersey Sire Stakes program.
4. This act shall take effect immediately.
STATEMENT
This bill provides that there
will be appropriated out of the General Fund of the State in the current fiscal
year 2019 and in each of the four fiscal years thereafter $20,000,000 annually
to the New
Jersey Racing Commission to be used for horse racing purse subsidies. These amounts will be allocated by the New Jersey Racing Commission equally between the thoroughbred industry and the standardbred industry. Of the funds allocated to the thoroughbred industry, 100 percent will be allocated to Monmouth Park overnight purses. Of the funds allocated to the standardbred industry, 60 percent will be allocated to Meadowlands overnight purses; 16 percent to Freehold overnight purses; 12 percent to the New Jersey Sire Stakes purses; 6 percent to purse bonuses for New Jersey sired horses; and 6 percent for breeders awards purses.
The bill appropriates out of the General Fund of the State for the 2019 Fiscal Year $20,000,000 to the New Jersey Racing Commission to be used for these horse racing purse subsidies.
The bill also provides that the recipient of any funds appropriated pursuant to the bill, as a condition of receiving any such funds in the next fiscal year thereafter, will file an annual report with the New Jersey Racing Commission that documents the purposes for which those funds were used and the amounts allocated for those purposes.
