This bill establishes a five-year grant program administered by the New Jersey Racing Commission, aimed at providing financial support for organizations that care for retired horses. The program is funded with an appropriation of $1 million from the General Fund, which will be allocated as $100,000 annually to accredited organizations dedicated to the care of retired Standardbred and Thoroughbred horses. To qualify for the grants, applicants must be nonprofit organizations under 26 U.S.C. s.501(c)(3) and accredited by recognized bodies such as the Standardbred Transition Alliance or the Standardbred Retirement Foundation. The bill outlines specific evaluation criteria for applicants, including financial stability, operational transparency, and adherence to national best practices for equine care.

Additionally, the New Jersey Racing Commission is tasked with notifying relevant organizations about the funding availability and ensuring that the application process is accessible online. If no applicants meet the program's requirements in a given year, the commission has the discretion to distribute the available funds equally to promote the care of both Standardbred and Thoroughbred horses. Any unspent funds at the end of the five-year period will be returned to the General Fund.