230.802 Kentucky standardbred breeders incentive fund -- Contributions --
353 words·~2 min read·
/ky/230-802A 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 fund designated as the "Kentucky standardbred
breeders incentive fund." The fund shall be in the Kentucky Horse Racing and
Gaming Corporation. 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.
(a)The Kentucky Horse Racing and Gaming Corporation 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 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 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.