Kentucky Statutes 230.802 – Kentucky standardbred breeders incentive fund — Creation — Funding sources — Administrative regulations — Kentucky Horse Racing Commission to administer fund
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(1) There is hereby created in the State Treasury a trust and revolving fund designated as the “Kentucky standardbred breeders incentive fund.” The fund shall be administered by the Kentucky Horse Racing Commission. For tax periods beginning on or after June 1, 2005, thirteen percent (13%) 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 standardbred breeders incentive fund to administer the fund and provide rewards for breeders or owners of Kentucky-bred standardbred horses.
(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 moneys in the Kentucky standardbred breeders incentive fund to be used to promote, enhance, improve, and encourage the further and continued development of the standardbred breeding industry in Kentucky, under the administrative regulations promulgated pursuant to paragraph (b) of this subsection.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 492, effective July 15, 2010. — Created
2005 Ky. Acts ch. 168, sec. 134, effective June 1, 2005.
(2) (a) The Kentucky Horse Racing Commission shall use moneys deposited in the Kentucky standardbred breeders incentive fund to administer the fund and provide rewards for breeders or owners of Kentucky-bred standardbred horses.
Terms Used In Kentucky Statutes 230.802
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Racing commission: means the Kentucky Horse Racing Commission. See Kentucky Statutes 230.210
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(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 moneys in the Kentucky standardbred breeders incentive fund to be used to promote, enhance, improve, and encourage the further and continued development of the standardbred breeding industry in Kentucky, under the administrative regulations promulgated pursuant to paragraph (b) of this subsection.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 492, effective July 15, 2010. — Created
2005 Ky. Acts ch. 168, sec. 134, effective June 1, 2005.