ASSEMBLY APPROPRIATIONS COMMITTEE
STATEMENT TO
ASSEMBLY, No. 2610
STATE OF NEW JERSEY
DATED: JUNE 24, 2024
The Assembly Appropriations Committee reports favorably
Assembly Bill No. 2610.
This bill provides $20 million annually to the New Jersey Racing
Commission to be used for horse racing purse subsidies until State
fiscal year 2029.
Current law required these subsidies to be appropriated until State
fiscal year 2023, and the fiscal year 2024 budget also provided $20
million for purse subsidies. This bill therefore requires the
appropriation of funds for the purse subsidies in an additional five
fiscal years, through fiscal year 2029.
As under the current law, 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.
As a condition of receiving continued purse subsidies, the
recipients of the funds must report to the Legislature, the Governor,
and the New Jersey Racing Commission on the uses of funds
appropriated in the preceding year.
FISCAL IMPACT:
The Office of Legislative Services (OLS) estimates that the
provisions of this bill will increase State expenditures $100 million
over five years, or $20 million annually in fiscal years 2025 through
2029.