2025 NYS State Budget Finalized, Includes Thoroughbred Industry Updates
23/04/2024 20:49
The New York State Budget for the 2025 fiscal year totaling $237 billion was finalized Apr. 20, according to the New York Thoroughbred Breeders Tuesday.
Included among the 2025 State Budget includes updates pertaining to New York's horse racing and breeding industry:
- A state-backed loan for the redevelopment of a new and improved Belmont Park.
- Increased Breeder Awards offering up to 40% for New York Sired progeny and 20% for Non-NY-Sired progeny.
- Annual Fund Caps legislation that allows the Breeding Fund to payout program awards as advertised.
- Groundbreaking anti-slaughter legislation with the support of the entire racing industry.
- Continuing to prevent legislation that would impose sales tax on the sale on the purchase of thoroughbreds sold at auction in New York.
- Protecting of Racing support payments made from Video-Lottery Terminal revenue from Resorts World Casino at Aqueduct racetrack which ensures increased purse levels in New York and the overall increase in value of stallions standing in New York
- Extend Pari-mutuel Tax Rates and Simulcast Provisions for One Year
- Extend New York Jockey Injury Compensation Fund, Inc. Authority Through 2027
- Belmont at Saratoga Meet – Extend certain licensing flexibilities for the Belmont Festival to apply while conducted at Saratoga Race Course (through Dec. 31, 2026).
For the complete budget, click here.
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