(1) 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.
(2) (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.