Provides relative to horse racing breeder awards. (8/1/24) (EG NO IMPACT See Note)
Impact
The impact of SB99 on state laws includes a direct amendment to R.S. 4:177, which governs breeder awards in the state. By broadening the basis for breeder awards to include the total purse rather than just the winner's share, the bill potentially increases the financial benefits available to breeders of accredited horses. This change could incentivize more breeders to invest in raising accredited horses, which may positively influence the local horse racing industry.
Summary
Senate Bill 99 (SB99), introduced by Senator Reese, aims to amend existing legislation concerning breeder awards in the horse racing industry in Louisiana. Specifically, the bill changes the calculation of breeder awards from being based on 10% of the winner's share of the purse to 10% of the total purse for each race won by accredited Louisiana bred horses. The proposed law retains the requirement that each licensed racetrack must pay these awards within thirty days after the close of the race meeting. This bill is set to take effect on August 1, 2024.
Sentiment
The sentiment surrounding SB99 appears to be generally positive, particularly among those involved in the horse racing community. Supporters argue that the adjustments to the financial incentives for breeders will promote a healthier and more competitive environment in the Louisiana racing industry. As it stands, there does not seem to be significant opposition or contention reported in the voting history, suggesting broad consensus on the bill's provisions.
Contention
While SB99 does not seem to have incited considerable contention, the implications of modifying breeder awards may raise questions in the future regarding budget allocations, especially if state funds are used to support these awards. Stakeholders may express concerns about the long-term sustainability of increased awards and whether this will shift focus toward the quantity of races or the quality of bred horses. As the implementation date approaches, further discussions may emerge regarding its effects on the local equine economy and related sectors.