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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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