Purpose

This bill provides funding to support the Minnesotabred Thoroughbred industry, focusing on parimutuel horse racing in Minnesota and aimed at strengthening breeding and racing of Minnesota-bred Thoroughbreds.

Main Provisions

• Appropriation of 2,000,000 dollars in fiscal year 2027 to the Minnesota Racing Commission.
• Use of the money to supplement purses for races held exclusively for Minnesotabred Thoroughbreds.
• Authority to provide grants, loans, and other financial incentives to breeders and owners.
• Goals include promoting, encouraging, and supporting the Minnesotabred Thoroughbred industry in the state and encouraging breeding and racing of Thoroughbreds.
• The appropriation is available until June 30, 2029.

Administration and Scope

• Administered by the Minnesota Racing Commission, with funds directed toward purses and financial incentives tied to Minnesotabred Thoroughbreds.
• Applies specifically to races held exclusively for Minnesotabred Thoroughbreds, tying funding to state-bred events.

Significance and Changes to Existing Law

• Establishes a targeted funding mechanism (an appropriation) to support the Minnesotabred Thoroughbred industry within parimutuel horse racing.
• Represents a new financial program that provides monetary support for purses and for breeders and owners, with a defined fiscal window (FY 2027) and expiration (June 30, 2029).

Terminology Inclusion

• Parimutuel horse racing
• Minnesotabred Thoroughbred industry
• Minnesotabred Thoroughbreds
• Purses
• Grants, loans, and other financial incentives
• Breeders and owners
• Minnesota Racing Commission
• Races held exclusively for Minnesotabred Thoroughbreds
• Fiscal year 2027
• Available until June 30, 2029

Relevant Terms

parimutuel horse racing Minnesotabred Thoroughbred industry Minnesotabred Thoroughbreds purses grants loans financial incentives breeders owners Minnesota Racing Commission races held exclusively for Minnesotabred Thoroughbreds fiscal year 2027 June 30, 2029