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230.800 Kentucky Thoroughbred breeders incentive fund -- Creation -- Funding
sources -- Administrative regulations -- Kentucky Horse Racing Commission
to administer fund.
(1)
(2)
There is hereby created in the State Treasury a trust and revolving fund designated
as the "Kentucky Thoroughbred breeders incentive fund." The fund shall be
administered by the Kentucky Horse Racing Commission. For all tax periods
beginning on or after June 1, 2005, eighty percent (80%) of all receipts collected
under KRS 139.531(1)(a) from the sales and use tax on the fees paid for breeding a
stallion to a mare in Kentucky shall be deposited in the fund together with any other
money contributed, appropriated, or allocated to the fund from all other sources.
The money deposited in the fund is hereby appropriated for the uses set forth in this
section. Any money remaining in the fund at the close of any calendar year shall not
lapse but shall be carried forward to the next calendar year. The fund may also
receive additional state appropriations, gifts, grants, and federal funds. All interest
earned on money in the fund shall be credited to the fund.
(a) The Kentucky Horse Racing Commission shall use moneys deposited in the
Kentucky Thoroughbred breeders incentive fund to administer the fund and
provide rewards for breeders of horses bred and foaled in Kentucky.
(b) The Kentucky Horse Racing Commission shall promulgate administrative
regulations establishing the conditions and criteria for the distribution of
moneys from the fund.
(c) The Department of Revenue may promulgate administrative regulations
establishing the procedures necessary to determine the correct allocation of
sales tax receipts described in subsection (1) of this section.
(d) As soon as practicable after the close of each calendar year, the racing
commission shall disburse to breeders of horses moneys in the Kentucky
Thoroughbred breeders incentive fund pursuant to the administrative
regulations promulgated pursuant to paragraph (b) of this subsection.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 491, effective July 15, 2010. -- Created
2005 Ky. Acts ch. 168, sec. 133, effective June 1, 2005.
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