Kentucky Revised Statutes Title XIX. Public Safety and Morals § 230.800. Kentucky Thoroughbred breeders incentive fund; creation; funding sources; administrative regulations; Kentucky Horse Racing Commission to administer fund
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(1) There is hereby created in the State Treasury a trust and revolving fund designated as the “Kentucky Thoroughbred breeders incentive fund.” The fund shall be administered by the Kentucky Horse Racing Commission. For all tax periods beginning on or after June 1, 2005, eighty percent (80%) of all receipts collected under KRS 139.531(1)(a) from the sales and use tax on the fees paid for breeding a stallion to a mare in Kentucky shall be deposited in the fund together with any other money contributed, appropriated, or allocated to the fund from all other sources. The money deposited in the fund is hereby appropriated for the uses set forth in this section. Any money remaining in the fund at the close of any calendar year shall not lapse but shall be carried forward to the next calendar year. The fund may also receive additional state appropriations, gifts, grants, and federal funds. All interest earned on money in the fund shall be credited to the fund.
(2) (a) The Kentucky Horse Racing Commission shall use moneys deposited in the Kentucky Thoroughbred breeders incentive fund to administer the fund and provide rewards for breeders of horses bred and foaled in Kentucky.
(b) The Kentucky Horse Racing Commission shall promulgate administrative regulations establishing the conditions and criteria for the distribution of moneys from the fund.
(c) The Department of Revenue may promulgate administrative regulations establishing the procedures necessary to determine the correct allocation of sales tax receipts described in subsection (1) of this section.
(d) As soon as practicable after the close of each calendar year, the racing commission shall disburse to breeders of horses moneys in the Kentucky Thoroughbred breeders incentive fund pursuant to the administrative regulations promulgated pursuant to paragraph (b) of this subsection.
(a) For purposes of this article, “local agency” includes all districts. Except as otherwise provided by law, money, excluding restitution to victims, that is not the property of a local agency that remains unclaimed in its treasury or in the official custody of its officers for three years is the property of the local agency after notice if not claimed or if no verified complaint is filed and served. At any time after the expiration of the three-year period, the treasurer of the local agency may cause a notice to be published once a week for two successive weeks in a newspaper of general circulation published in the local agency. At the expiration of the three-year period, money representing restitution collected on behalf of victims shall be deposited into the Restitution Fund or used by the local agency for purposes of victim services. If a local agency elects to use the money for purposes of victim services, the local agency shall first document that it has made a reasonable effort to locate and notify the victim to whom the restitution is owed. With respect to moneys deposited with the county treasurer pursuant to Section 7663 of the Probate Code, this three-year period to claim money held by a local agency is extended for an infant or person of unsound mind until one year from the date their disability ceases.
(b) For purposes of this section, “infant” and “person of unsound mind” have the same meaning as given to those terms as used in Section 1441 of the Code of Civil Procedure.
(c) This section shall become operative January 1, 2022.
Cite this article: FindLaw.com - Kentucky Revised Statutes Title XIX. Public Safety and Morals § 230.800. Kentucky Thoroughbred breeders incentive fund; creation; funding sources; administrative regulations; Kentucky Horse Racing Commission to administer fund - last updated January 01, 2021 | https://codes.findlaw.com/ky/title-xix-public-safety-and-morals/ky-rev-st-sect-230-800.html
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