{"data":{"id":"us-ky/krs-230.804","jurisdiction":"us-ky","citation":"KRS 230.804","heading":"Kentucky horse breeders incentive fund -- Contributions -- Purposes --","body":"Distribution -- Administrative regulations.\n(1) There is hereby created a corporate fund designated as the \"Kentucky horse\nbreeders incentive fund.\" The fund shall be in t he Kentucky Horse Racing and\nGaming Corporation. For tax periods beginning on or after June 1, 2005, seven\npercent (7%) of all receipts collected under KRS 139.531(1)(a) from the sales and\nuse tax on the fees paid for breeding a stallion to a mare in Kentu cky shall be\ndeposited in the fund together with any other money contributed, appropriated, or\nallocated to the fund from all other sources. The money deposited in the fund is\nhereby appropriated for the uses set forth in this section. Notwithstanding KRS\n45.229, any money remaining in the fund at the close of any calendar year shall not\nlapse but shall be carried forward to the next calendar year. The fund may also\nreceive additional state appropriations, gifts, grants, and federal funds. All interest\nearned on money in the fund shall be credited to the fund.\n(2) (a) The Kentucky Horse Racing and Gaming Corporation shall use moneys\ndeposited in the Kentucky horse breeders incentive fund to administer the\nfund and provide rewards for breeders or owners of ho rses bred and foaled in\nKentucky to be divided as follows:\n1. At least ninety percent (90%) shall be allocated to provide the breeder\nrewards as set forth in this section; and\n2. Up to ten percent (10%) may be allocated for administration and\noperation of the corporation.\n(b) The Kentucky Horse Racing and Gaming Corporation may promulgate\nadministrative regulations establishing the conditions and criteria for the\ndistribution of moneys from the fund.\n(c) The Department of Revenue may promulgate administrati ve regulations\nestablishing the procedures necessary to determine the correct allocation of\nsales tax receipts described in subsection (1) of this section.\n(d) As soon as practicable after the close of each calendar year, the corporation\nshall disburse to breeders of horses moneys in the Kentucky horse breeders\nincentive fund to be used to promote, enhance, improve, and encourage the\nfurther and continued development of the horse industry in Kentucky, under\nthe administrative regulations promulgated pursuan t to paragraph (b) of this\nsubsection.","path":["KRS Chapter 230"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56033","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:47Z","sha256":"cb685453ad1e5ef5e5ff25c674c0befc0835f05654f79701e804e0c0d20085d4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-230.802","next":"us-ky/krs-230.805"},"notice":"GroundRules: Original legal text. Not legal advice."}