Bill > S07907

This bill amends the New York State tax law to expand sales tax collection on race horses sold through claiming races. Currently, sales tax was only applied to portions of the purchase price that exceeded previous purchase prices for the same horse within the same calendar year. The new legislation will require sales tax to be collected on the total sale price for each sale of a race horse through a claiming race, eliminating the previous tiered taxation approach. A claiming race is a type of horse race where horses are available to be purchased (or "claimed") for a predetermined price, which allows for horse trading within the racing industry. Race track officials will still be required to maintain and provide detailed lists of these sales upon request. The bill will take effect on the first day of a sales tax quarterly period at least 90 days after becoming law, with transitional provisions applied in accordance with existing tax law sections. This change aims to simplify and potentially increase sales tax revenue from race horse transactions in New York State.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S7907