Bill > A08838

This bill amends the New York racing, pari-mutuel wagering and breeding law to increase the excess fund limit for the New York state thoroughbred breeding and development fund from $75,000 to $500,000. Under the current law, any funds in the account exceeding $75,000 at the end of a calendar year were to be apportioned between the state and regional off-track betting corporations based on their contributions to the fund. With this bill, the excess threshold is raised to $500,000, meaning that only funds over $500,000 will be distributed to the state and regional off-track betting corporations. The distribution will continue to be made by March 15th of the year following the close of the calendar year. This change could potentially allow more money to accumulate in the fund before being redistributed, which might provide more financial flexibility for the thoroughbred breeding and development program. The bill is set to take effect immediately upon passage.

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https://www.nysenate.gov/legislation/bills/2025/A8838