230.800 Kentucky Thoroughbred breeders incentive fund -- Contributions --
331 words·~2 min read·
/ky/230-800A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Purposes -- Distribution -- Administrative regulations.
(1)There is hereby created a corporate account for the Kentucky Horse Racing and
Gaming Corporation designated as the "Kentucky Thoroughbred breeders incentive
fund." The fund shall be administered by the corporation. 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 transferred to the corporation for deposit in
the fund together with any other money contributed, appropriated, or allocated to
the fund from all other sources. 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.
(a)The Kentucky Horse Racing and Gaming Corporation 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 to be divided as follows:
1. At least ninety percent (90%) shall be allocated to provide the breeder
rewards as set forth in this section; and
2. Up to ten percent (10%) may be allocated for administration and
operation of the corporation.
(b)The Kentucky Horse Racing and Gaming Corporation may 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 corporation
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.