230.804 Kentucky horse breeders incentive fund -- Contributions -- Purposes --
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/ky/230-804A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Distribution -- Administrative regulations.
(1)There is hereby created a corporate fund designated as the "Kentucky horse
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, seven
percent (7%) 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. Notwithstanding KRS
45.229, 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 horse breeders incentive fund to administer the
fund and provide rewards for breeders or owners 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 horse breeders
incentive fund to be used to promote, enhance, improve, and encourage the
further and continued development of the horse industry in Kentucky, under
the administrative regulations promulgated pursuant to paragraph
(b)of this
subsection.