PREVIOUS SECTION Go back to sections Go back to the chapter Go back to the N.J. Statutes homepage NEXT SECTION


New Jersey Statutes, Title: 5, AMUSEMENTS, PUBLIC EXHIBITIONS AND MEETINGS

    Chapter 12:

NOTE: This section is repealed by L.2013, c.27, effective 2013-08-31

      Section: 5:12-225: Allocation of tax revenue.

          
11. a. The authority, upon enactment of P.L.2011, c.18 (C.5:12-218 et al.), shall, for each State fiscal year for a period of not more than the first five State fiscal years commencing in the State fiscal year in which a tax is authorized by law to be collected from revenues generated by Internet wagering, annually allocate the first $30,000,000 of the revenue from such tax to the New Jersey Racing Commission to be used for the benefit of the horse racing industry in this State through the augmentation of purses, provided, however, that the use of those funds for that purpose shall cease one State fiscal year after wagering on sports events is implemented in this State. Amounts collected pursuant to this subsection in excess of $30,000,000 in any one State fiscal year shall be allocated to the authority for the support of the tourism district.

b. If the tax described in subsection a. of this section is authorized by law to be collected in the State fiscal year in which P.L.2011, c.18 (C.5:12-218 et al.) is enacted, and such tax is not sufficient to, in the State fiscal year in which P.L.2011, c.18 (C.5:12-218 et al.) is enacted, allocate $15,000,000 for the support of the horse racing industry in this State through the augmentation of purses, for the State fiscal year commencing after the enactment of P.L.2011, c.18 (C.5:12-218 et al.), allocate $10,000,000 for the support of the horse racing industry in this State through the augmentation of purses, and for the second State fiscal year commencing after the enactment of P.L.2011, c.18, allocate $5,000,000 for the support of the horse racing industry in this State through the augmentation of purses, the authority shall allocate, from any appropriate revenue source or account, such amounts necessary to cover the difference between the amounts to be allocated to the horse racing industry in this State through the augmentation of purses to offset any deficiency in the first three State fiscal years as described in this subsection, in an amount to be determined by the New Jersey Racing Commission, and the amount collected pursuant to subsection a. of this section and the Division of Gaming Enforcement shall, every 30 days, beginning no more than 30 days following the last day of the State fiscal year in which the deficiency occurred, and the authority made any allocation to cover such deficiency, determine the amount of cost savings effected by the reduction in fees paid by casino licensees pursuant to revisions to law concerning regulation of the casino industry, assess and collect a fee payable from such amount to offset such deficiency, in an amount not exceeding such payment made by the authority, and provide that such amount shall be allocated to the authority in the State fiscal year commencing after the State fiscal year within 30 days after collection. The Division of Gaming Enforcement shall continue assessment and collection as provided in this subsection for the number of State fiscal years necessary to reimburse the authority for allocations made by the authority under this subsection.

Amounts collected pursuant to this subsection in excess of the amount necessary to reimburse the authority shall be allocated to the authority for the support of the tourism district.

L.2011, c.18, s.11.



This section added to the Rutgers Database: 2013-06-10 16:36:30.






Older versions of 5:12-225 (if available):



Court decisions that cite this statute: CLICK HERE.

©2005 Rutgers University School of Law - Newark, 123 Washington Street, Newark, NJ 07102
Rutgers School of Law Rutgers University-Newark Support the Law
Library