Relates to the thoroughbred breeding and development fund

• Democratic2

◆ The sponsor's argument

Why Joseph P. Addabbo Jr. says this is needed

The New York State Thoroughbred Breeding and Development Fund, estab- lished in 1973, has helped shape the New York State thoroughbred indus- try, making it the benchmark of thoroughbred programs around the world. For over two decades, the Fund has worked to make thoroughbred breeding and racing a vital force in New York State's economy, utilizing its rich racing tradition, vast agricultural resources, and thriving tourism industry. The Fund is a public benefit corporation that oversees the registration process for goals and stallions, and distributes incentive awards to breeders, owners and stallion owners. The incentives provided by the Fund are financed from within the racing industry, using a small percentage of the total monies wagered through the pari-mutuel system on thoroughbred racing in New York State. Thoroughbred Breeders use this funding to invest back into breeding, thereby keeping that money in the local economy and creating more jobs and strengthening the horse racing industry in New York. The New York Racing and Breeding Program has evolved significantly since 1973. The goals set out for the Fund have been well accomplished, especially in the last decade. However, the industry has seen significant declines in handle y ear after year. With that, the Fund's revenue has rapidly fallen each year placing a burden on the ability to pay awards to participants at advertised rates within the statutory cap as the Breeding Program has grown. Initially enacted as Chapter 473 of the Laws of 2010, this proposal provided some flexi- bility to the Thoroughbred Breeding and Development Fund. This law was slated to expire upon the commencement of the operation of a video lottery facility at Aqueduct racetrack, which began operations on Octo- ber 28, 2011. The sunset of this law has been extended multiple times. This proposal would extend those provisions for an additional year and provide the Board of Directors of the Thoroughbred Breeding Fund the ability to allot Fund revenue based on the current state of the Thoroughbred industry. Additionally, this proposal is strictly a house- keeping modification that has no financial impact on any other organiza- tion or segment of the industry.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.