Office of Legislative Services
State House Annex
P.O. Box 068
Trenton, New Jersey 08625
Legislative Budget and Finance Office
Phone (609) 847-3105
Fax (609) 777-2442
www.njleg.state.nj.us
LEGISLATIVE FISCAL ESTIMATE
ASSEMBLY, No. 2610
STATE OF NEW JERSEY
221st LEGISLATURE
DATED: JUNE 26, 2024
SUMMARY
Synopsis: Extends annual horse racing purse subsidies through State fiscal year
2029.
Type of Impact: Five-Year State expenditure increase to the General Fund.
Agencies Affected: Department of Law and Public Safety.
Office of Legislative Services Estimate
Fiscal Impact FY 2025 to FY 2029
State Expenditure Increase $20 million per year
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.
BILL DESCRIPTION
This bill provides $20 million annually to the New Jersey Racing Commission to be used for
horse racing purse subsidies through State fiscal year 2029.
Current law requires these subsidies to be appropriated only until State fiscal year 2023. The
Fiscal Year 2024 Appropriations Act provided $20 million for purse subsidies. This bill therefore
requires the appropriation of funds for the purse subsidies in the following five fiscal years, through
fiscal year 2029.
Under 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. FE to A2610
2
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 ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The 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.
In 2019, the Governor committed to provide $100 million over five years to support horse
racing in New Jersey pursuant to P.L.2019, c.36. Over the past six years, $120 million has been
allocated to these subsidies.
New Jersey Racing Commission Horse Racing Purse Subsidies
FY 2019 to FY 2024
FISCAL YEAR ANNUAL APPROPRIATION*
FY 2019 $20 million Supplemental Appropriation
FY 2020 $20 million
FY 2021 $20 million
FY 2022 $15 million
FY 2023 $25 million
FY 2024 $20 million
TOTAL $120 million
* Sources: Annual Appropriations Acts and Governor’s budget documents.
This bill provides $20 million annually to the New Jersey Racing Commission to be used for
horse racing purse subsidies through State fiscal year 2029.
Proposed
New Jersey Racing Commission Horse Racing Purse Subsidies
FY 2025 to FY 2029
FISCAL YEAR ANNUAL APPROPRIATION*
FY 2025 $20 million proposed
FY 2026 $20 million proposed
FY 2027 $20 million proposed
FY 2028 $20 million proposed
FY 2029 $20 million proposed
TOTAL $100 million
*Proposed in Assembly Bill No. 2610.
The OLS notes that the FY 2025 Governor’s Budget includes $15 million for horse racing
purse subsidies in FY 2025. The OLS estimates the $20 million proposed in Assembly Bill, No.
2610 for FY 2025 would be in lieu of the $15 million proposed in the FY 2025 Governor’s Budget,
not in addition to it. FE to A2610
3
If this bill is enacted, by fiscal year 2029 the State will have dedicated $220 million in total to
the horse racing industry for horse racing purse subsidies over an 11-year period.
Section: Law and Public Safety
Analyst: Kristin Brunner Santos
Lead Fiscal Analyst
Approved: Thomas Koenig
Legislative Budget and Finance Officer
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the
failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).