The bill amends Section 1 of P.L.2019, c.36 (C.5:5-99.1) to ensure the appropriation of $20,000,000 annually from the General Fund of the State for horse racing purse subsidies for the current fiscal year 2019 and the following ten fiscal years. The New Jersey Racing Commission is tasked with allocating these funds equally between the thoroughbred and standardbred industries. Specifically, all funds allocated to the thoroughbred industry will be directed to Monmouth Park overnight purses, while the standardbred industry will receive allocations of 60% to Meadowlands overnight purses, 16% to Freehold overnight purses, 12% to New Jersey Sire Stakes purses, 6% for purse bonuses for New Jersey sired horses, and 6% for breeders awards purses.

Additionally, the bill includes a provision that allows for the reallocation of funds from Freehold overnight purses to Meadowlands overnight purses if live racing programs at Freehold Raceway cease. This reallocation is intended to support the conduct of at least 35 standardbred race dates at the Meadowlands Racetrack, which would have otherwise taken place at Freehold Raceway. The minimum number of race dates can be adjusted with the agreement of the Standardbred Breeders' and Owners' Association of New Jersey. The act is set to take effect immediately upon approval, which occurred on January 30, 2025.

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