On Wednesday afternoon, Governor Kathy Hochul released her first state budget proposal since being elected to her first term in office last November. The $227 billion executive budget proposal includes key initiatives for horse racing in the state, including modernization of the historic Belmont Park on Long Island and a key modification of the Investment Tax Credit (ITC) to benefit farmers, including breeding farm owners.
The announcement of the Governor’s budget proposal begins a protracted negotiation process with state lawmakers, ahead of the April 1 start of the state’s fiscal year. We are thankful and appreciate the support of Governor Kathy Hochul, Senator Joseph Addabbo, Jr. (D-15), chair of the New York Senate Racing, Gaming and Wagering Committee, Assembly member Gary Pretlow, Jr. (D-89), chair of the State Assembly Racing and Wagering Committee, and all members of the New York Senate and State Assembly who continue to recognize the importance of horse racing to the New York State economy. Below, please find a recap of the key initiatives from the governor’s budget that would positively impact horse racing and the thoroughbred breeding industry.
NYTB and our legislative affairs team in Albany, through your membership dues and donations to the NYTB PAC make it possible to ensure New York’s thoroughbred breeding and racing industry remains the best in the nation.
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2024 New York State Executive Budget Thoroughbred Breeding & Horse Racing Highlights
- MODERNIZATION OF BELMONT PARK The governor’s executive budget proposal announced support for the New York Racing Association (NYRA) to receive $455 million in state-backed bonds for the modernization of Belmont Park to be repaid by NYRA at no cost to taxpayers. The Belmont Park modernization project is estimated to be completed in the next three years with $71 million towards the renovation of the turf courses, main track, and installation of a synthetic surface, and the remaining $384 million to be spent on modernizing the main building, including a new grandstand and clubhouse. The project will also unlock the 45-acre infield at Belmont Park for a variety of uses.
NYTB Action: NYTB has been pleased to be a founding member of the We are New York Horse Racing Coalition. The coalition’s efforts have been an integral part of ensuring the Belmont Park modernization project was included in the Governor’s proposal. A modernized Belmont Park, with the capability for year-round racing at a world-class facility, will not only ensure New York remains a leader in hosting top tier races including graded stakes and a future Breeders’ Cup World Championships, but would continue to positively support New York’s breeding industry with an increased demand for New York-breds and New York racing on the yearly calendar.
- MODIFY THE INVESTMENT TAX CREDIT (ITC) FOR FARMERSThe governor’s budget proposal also includes a modification of the Investment Tax Credit (ITC) for farmers which would allow the conversion of Investment Tax Credits from nonrefundable tax credits into a refundable tax credit for five years. This is expected to provide farm owners and farm businesses the ability to utilize $7 million additional (ITC) credits annually.
NYTB Action: NYTB, in collaboration with the Farm Bureau, is actively working with the governor’s administration and state legislature to ensure the Investment Tax Credit, which was increased 20 percent last year, will now be refundable. A major step in helping to alleviate the rising costs experienced by farmers in New York, including breeding farms.
- MOBILE SPORTS WAGERING HIGHLIGHTThe governor’s briefing book, including highlights and state achievements ahead of the announced executive budget proposal included the impressive figure of $16.6 billion in handle on mobile sports wagering through January 7 of last year with the one-year anniversary of mobile sports wagering in New York, achieved on January 8.
NYTB Action: NYTB along with our fellow industry stakeholders including NYRA and the New York Thoroughbred Horsemen’s Association (NYTHA) continue to evaluate the potential of mobile sports wagering for horse racing, including potentially through fixed-odds legislation. Currently, there is a 51 percent tax on mobile sports betting operators, which is a significant factor in evaluating any potential introduction to horse racing to complement pari-mutuel wagering and investment of revenue returned to support New York’s breeding industry.
There is a perpetual need for advocacy for our sport and industry. NYTB will continue our work on your behalf and also appreciates your support in these efforts.
Najja Thompson
Executive Director
