§ 230.800

230.800 Kentucky Thoroughbred breeders incentive fund -- Creation -- Funding sources -- Administrative regulations -- Kentucky Horse Racing and Gaming Corporation to administer fund. (1) There is hereby created in the State Treasury a trust and revolving fund designated as the 'Kentucky Thoroughbred breeders incentive fund.' The fund shall be administered by the Kentucky Horse Racing and Gaming Corporation. For all tax periods beginning on or after June 1, 2005, eighty percent (80%) of all receipts collec ted 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. T he 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 receiv e additional state appropriations, gifts, grants, and federal funds. All interest earned on money in the fund shall be credited to the fund.

orward to the next calendar year. The fund may also receiv e additional state appropriations, gifts, grants, and federal funds. All interest earned on money in the fund shall be credited to the fund. (2) (a) The Kentucky Horse Racing and Gaming Corporation shall use moneys deposited in the Kentucky Thoroughbred br eeders incentive fund to administer the fund and provide rewards for breeders of horses bred and foaled in Kentucky. (b) The Kentucky Horse Racing and Gaming Corporation shall promulgate administrative regulations establishing the conditions and criteria f or 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 paragrap h (b) of this subsection. Effective: July 1, 2024 History: Amended 2024 Ky. Acts ch. 171, sec.

bred breeders incentive fund pursuant to the administrative regulations promulgated pursuant to paragrap h (b) of this subsection. Effective: July 1, 2024 History: Amended 2024 Ky. Acts ch. 171, sec. 93, effective July 1, 2024. -- Amended 2010 Ky. Acts ch. 24, sec. 491, effective July 15, 2010. -- Created 2005 Ky. Acts ch. 168, sec. 133, effective June 1, 200 5.