Governing unclaimed horse racing ticket and voucher money.
Impact
The implications of SB 473 are significant for both the Governor's scholarship fund and the state lottery revenue system. The bill is projected to increase revenue for the scholarship fund by approximately $200,000 annually, while simultaneously decreasing state lottery funds by an equal amount. The estimated fiscal impact highlights how the reallocation of funds can affect both educational funding and state revenues from horse racing activities. This indicates a strategic decision by the legislature to promote scholarships, arguably at the expense of lottery revenue.
Summary
Senate Bill 473-FN, introduced during the 2024 session, addresses the handling of unclaimed ticket and voucher money from horse racing. The legislation aims to amend RSA 284:31, streamlining the process by which funds from unclaimed pari-mutuel pool tickets and vouchers are treated. Notably, the bill mandates that unclaimed live and simulcast tickets be redirected to the Governor's scholarship fund rather than being paid to the state treasury. This change reflects a shift in fiscal policy regarding the distribution of such funds, aiming to enhance financial support for educational initiatives.
Contention
Debates surrounding SB 473 likely center on the prioritization of educational funding versus the financial health of the state lottery. While proponents might argue that directing these funds to scholarships addresses critical educational needs, opponents could raise concerns about the diminishing revenue available for state services funded through the lottery. The bill essentially alters the long-standing practice of funneling unclaimed racing revenues into the state budget, which might lead to discussions on accountability and financial sustainability for state-run programs dependent on lottery income.
Creating a commission to study charitable gaming and historical horse races and relative to the moratorium on licensed historical horse racing facilities.