STATE OF NEW JERSEY
220th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2022 SESSION
Sponsored by:
Assemblyman RONALD S. DANCER
District 12 (Burlington, Middlesex, Monmouth and Ocean)
SYNOPSIS
Provides for voluntary contributions by taxpayers on gross income tax returns for "Retired Racehorse Fund."
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act establishing the "Retired Racehorse Fund," supplementing chapter 9 of Title 54A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. There is established in the Department of the Treasury a special fund to be known as the "Retired Racehorse Fund."
b. Each taxpayer shall have the opportunity to indicate on the taxpayer's New Jersey gross income tax return that a portion of the taxpayer's tax refund or an enclosed contribution shall be deposited in the fund.
c. Any costs incurred by the Division of Taxation for collection or administration attributable to this act may be deducted from receipts collected pursuant to this act, as determined by the Director of the Division of Budget and Accounting. The State Treasurer shall deposit net contributions collected pursuant to this act into the "Retired Racehorse Fund."
d. The Legislature shall annually appropriate all funds deposited in the "Retired Racehorse Fund" established pursuant to this section to the New Jersey Racing Commission for the care of retired horses and any measures, as defined by the commission, to improve the health and safety of retired racehorses. The New Jersey Racing Commission shall equally distribute monies from this fund as grants to standardbred and thoroughbred non-profit organizations, which care for retired racehorses as determined by the New Jersey Racing Commission.
2. This act shall take effect immediately.
STATEMENT
This bill establishes a special fund to be known as the "Retired Racehorse Fund" in the Department of the Treasury. Taxpayers may indicate on their tax returns to have a portion of their tax refunds deposited into the "Retired Racehorse Fund." The fund will be administered by the New Jersey Racing Commission.
The purpose of the fund is to assist the New Jersey Racing Commission in caring for retired horses and improving the health and safety of retired racehorses. The funds in the "Retired Racehorse Fund" will be equally distributed as grants to standardbred and thoroughbred non-profit organizations.