Late Friday afternoon New Jersey Governor Jon S. Corzine signed the bill into the law that was a necessary step to move forward the $90 million casino supplement for New Jersey’s racetracks.
The bill, A-2471/SCS for S-1464, provides a “tax deduction from casino gross revenues for certain promotional gaming credits.” Enacting the tax deduction is contingent on a signed agreement between the casinos and the New Jersey Sports & Exposition Authority.
New Jersey’s horse racing industry is to receive a three-year $90 million supplement for purse money. “We applaud the Governor for signing this bill,” said Tom Luchento, president of the Standardbred Breeders & Owners Association of New Jersey. “It is another step in the supplement process that will lead to the allocation of the funds to racing.” (SBOA/NJ)
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