The bill amends existing legislation regarding the appropriation of funds for horse racing purse subsidies in New Jersey. It mandates an annual allocation of $20,000,000 from the General Fund to the New Jersey Racing Commission for ten fiscal years, starting in 2019. The funds are to be divided equally between the thoroughbred and standardbred industries, with specific percentages designated for various purposes within each industry, such as overnight purses at Monmouth Park and Meadowlands, as well as bonuses for New Jersey sired horses.

Additionally, the bill establishes requirements for recipients of these funds to file annual reports detailing the usage of the funds and their impact on the horse racing industry. The reports must include various metrics, such as the number of races held, the total amount bet, and the number of New Jersey bred horses participating in races. The Legislature retains the authority to withhold future appropriations if it determines that the funds have not significantly improved the racing industry, contingent upon a review of the submitted reports.

Statutes affected:
Introduced: 5:5-99.1, 5:5-99.2
Advance Law: 5:5-99.1, 5:5-99.2
Pamphlet Law: 5:5-99.1, 5:5-99.2