Bill Text: VA HB1421 | 2023 | Regular Session | Chaptered
Bill Title: Virginia Breeders Fund; disbursements to certain breeders and owners of horses.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2023-03-23 - Governor: Acts of Assembly Chapter text (CHAP0356) [HB1421 Detail]
Download: Virginia-2023-HB1421-Chaptered.html
Be it enacted by the General Assembly of Virginia:
1. That §59.1-372 of the Code of Virginia is amended and reenacted as follows:
§59.1-372. Virginia Breeders Fund.
There is hereby created within the State Treasury the Virginia
Breeders Fund, which Fund, together with the interest thereon, shall be
administered in whole or in part by the Commission or by an entity designated
by the Commission. The cost of administering and promoting the Fund shall be
deducted from the Fund, and the balance shall be disbursed by the Commission or
designated entity to the breeders of Virginia-bred horses that win
finish first, second, or third in races at race meetings designated by the
Commission, to the owners of Virginia sires of Virginia-bred horses that win
finish first, second, or third in races at race meetings designated by the
Commission, to the owners of Virginia-bred horses that win or earn purse money
in nonrestricted races at racetracks in Virginia licensed by the Commission, to
the owners of Virginia-bred horses that win races at race meetings designated
by the Commission and for purses for races restricted to Virginia-bred or
Virginia-sired horses or both at race meetings designated by the Commission. To
assist it in establishing this awards and incentive program to foster the
industry of breeding racehorses in Virginia, the Commission shall appoint an
advisory committee composed of two members from each of the registered breed
associations representing each breed of horse participating in the Fund
program, one member representing the owners and operators of racetracks and one
member representing all of the meets sanctioned by the National Steeplechase
Association.
