Extends annual horse racing purse subsidies through State fiscal year 2029.
The bill specifies that the allocated funds will be divided equally between the thoroughbred and standardbred industries, which are vital components of New Jersey's horse racing landscape. For thoroughbreds, 100% of the allocated budget is directed towards Monmouth Park overnight purses. In the case of the standardbred sector, 60% is set aside for Meadowlands overnight purses, with portions for other entities including Freehold and New Jersey Sire Stakes. The funding aims to stimulate the horse racing sector and support related economic activities.
Assembly Bill A5893 is introduced to extend the annual horse racing purse subsidies in New Jersey through the state fiscal year 2029. The bill proposes allocating $20 million each year from the state General Fund to the New Jersey Racing Commission, which is responsible for managing and distributing these funds. This is an extension of previous funding provisions that were set to expire after the fiscal year 2023, reflecting ongoing support for the horse racing industry in the state.
One of the conditions for receiving these subsidies is that recipients must submit an annual report to the state Legislature and the Governor, detailing how the funds were utilized and their effects. The reports will include data on the number of races held, the horses participating, bets placed, and various metrics regarding New Jersey bred horses. This requirement is intended to ensure accountability and evaluate the effectiveness of the subsidies in bolstering the horse racing industry. The Legislature may opt not to proceed with future funding renewals if the report findings are deemed unsatisfactory, thereby placing pressure on the industry to show positive outcomes from the funding.