Following weeks of protracted budget negotiations, the Legislature and Executive reached an agreement that led to the final bills being printed early in the morning on Saturday, April 20, and voting was finished later that afternoon. As a result, the New York State Fiscal Year 2025 State Budget was finalized totaling $237 billion.
Our aim is always to protect and grow New York breeding and racing. There is a perpetual need for advocacy for our sport and industry which we hope you can help contribute towards.
NYTB and our legislative affairs team in Albany continue to work on your behalf to ensure New York’s thoroughbred breeding program and racing industry continue to be the best in the nation. Below, please find updates from the 2025 state budget regarding New York’s horse racing and the thoroughbred breeding industry. These developments are in addition to accomplishments in recent years made possible from support by NYTB members such as:
- A state-backed loan for the redevelopment of a new and improved Belmont Park.
- Increased Breeder Awards offering up to 40 percent for New York Sired progeny and 20 percent 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.
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, Assemblymember 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.
It is clear that New York farms, breeders, and all stakeholders in our program depend on the policymakers in our State Capitol. This year is especially important as all New York State legislators are up for election this coming November, and those who are aligned with our priorities and help us achieve our policy goals are looking to the NYTB PAC for our support. Our PAC can only be successful if it receives support from members like you.
Personal donations to the NYTB PAC can be made payable to the NYTB PAC online here and mailed to:
NYTB PAC
P.O. BOX 5120
SARATOGA SPRINGS, N.Y. 12866
NYTB will continue our work on your behalf and appreciates your support in these efforts.
Regards,
Najja Thompson
Executive Director
- EXTEND USE OF CAPITAL FUNDS BY OFF-TRACK BETTING CORPORATIONS
If certain conditions are met, Capital OTB is authorized to use $1 million in Fiscal Year 2025, and Catskill is authorized to use up to $2.5 million towards:
- Expenditures necessary to accept authorized wagers;
- Past due obligations, including funds owed to: New York licensed or franchised racing corporations or associations, other racing associations or organizations for the costs of acquiring a simulcast signal,the New York State Thoroughbred Breeding and Development Fund Corporation, the agriculture and New York State Horse Breeding Development Fund, or the Harry M. Zweig Memorial Fund for equine research.
- 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 December 31, 2026).
*Contributions to the NYTB PAC are not deductible for federal income tax purposes. Total contributions from a corporation or LLC may not exceed $5,000 per calendar year in the aggregate to all New York state and local candidates and committees. Any LLC that contributes will be required to provide the NYTB PAC with details regarding the LLC’S members and their ownership interests. It is strictly prohibited to reimburse another individual’s or entity’s contribution. All contributors must be either US citizens or permanent resident aliens (green card holders).
