Finalised NYS State Budget for 2025 Contains Updates on the Thoroughbred Industry

According to the New York Thoroughbred Breeders on Tuesday, the $237 billion state budget for New York was finalised on April 20.

The following updates about New York's horse racing and breeding business are part of the 2025 State Budget:

·         A loan supported by the state for the construction of a brand-new, upgraded Belmont Park.

·         Raised Breeder Awards, now offering 40% for offspring sired in New York and 20% for progeny sired outside of the state.

·         The Annual Fund Caps Act permits the Breeding Fund to disburse program rewards in accordance with their announced terms.

·         The racing industry as a whole supports groundbreaking anti-slaughter legislation.

·         Reiterating the opposition to any legislation that would impose a sales tax on the acquisition of thoroughbreds that are sold at auction in New York.

·         Preserving the racing support payments from Resorts World Casino's Video-Lottery Terminal earnings at Aqueduct Racetrack, which guarantees higher purse amounts in New York and a general rise in the worth of stallions standing in New York.

·         The Pari-mutuel Tax Rates and Simulcast Provisions will be Extended for a Year. The Authority of the New York Jockey Injury Compensation Fund, Inc. will be Extended Until 2027.

·         Belmont at Saratoga Meet - Through December 31, 2026, extend several licence flexibilities for the Belmont Festival to be held at Saratoga Race Course.