The New York State Senate today passed legislation (S.2895) sponsored by Senator Bill Larkin (R-C, Cornwall-on-Hudson) that would provide a one-year, one percent increase in funding for the New York State Thoroughbred Horse Owners’ Association. The increase would come from the purse moneys at the tracks and would increase the amount the Association currently receives from one percent to two percent according to the bill.
Under current law, 99% of all purse monies goes to the horse owners. The remaining 1% goes to support the administrative costs of the New York State Thoroughbred Horse Owners’ Association and to pay for the benefits of employees.
"This increase is necessary so that the New York Thoroughbred Horse Owners’ Association can continue to fund its benefits programs for employees while at the same time continue to pay the legal costs that the Association is paying for bankruptcy attorneys due to the NYRA bankruptcy proceeding," said Senator Larkin.
The New York Racing Association (NYRA) bankruptcy proceeding has necessitated that the New York Thoroughbred Horsemen's Association spend a significant amount of money to hire legal counsel for ongoing court proceedings.
"The Association’s legal costs in the bankruptcy proceeding have impeded its ability to provide much needed benefits to its employees," said Senator Larkin. "This bill will shift additional purse funds to the Association so that it can continue to cover the benefits of its employees and pay its legal fees as well."
The bill was sent to the Assembly.
