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SB-792 Horse racing: Vincent-Maddy California Thoroughbred Race Cup.(2007-2008)

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SB792:v98#DOCUMENT

Amended  IN  Senate  April 17, 2007

CALIFORNIA LEGISLATURE— 2007–2008 REGULAR SESSION

Senate Bill
No. 792

Introduced  by  Senator Florez

February 23, 2007

An act to add Section 19536 to the Business and Professions Code, relating to horse racing.


LEGISLATIVE COUNSEL'S DIGEST


SB 792, as amended, Florez. Horse racing: Vincent Vincent-Maddy California Thoroughbred Race Cup.
Existing law authorizes a specified number of weeks per year per zone for thoroughbred racing in the state.
This bill would establish the Vincent Vincent-Maddy California Thoroughbred Race Cup series, which would consist of 4 races per year at specified venues in the state. The bill would divert any state sales and use tax imposed pursuant to existing law on the sale of thoroughbred horses into the Vincent Vincent-Maddy California Thoroughbred Race Cup Fund, which the bill would create. Money in the fund would be evenly divided, to be used as supplements to purses in that race series.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 19536 is added to the Business and Professions Code, to read:

19536.
 (a) The Vincent Vincent-Maddy California Thoroughbred Race Cup series is hereby established, to be administered by the board. There shall be four races conducted in the series. Only California-bred horses horses that are owned, bred, or have raced in, California are eligible to compete in a race in the series.
(b) Notwithstanding any other provision of law, any sales and use tax imposed pursuant to Part 1 (commencing with Section 6001) of Division 2 of the Revenue and Taxation Code, on the sale of thoroughbred horses in this state shall be deposited into the Vincent Vincent-Maddy California Thoroughbred Race Cup Fund, which is hereby created. The fund shall be administered by the board.
(c) The Vincent Vincent-Maddy California Thoroughbred Race Cup shall be conducted at any or all of the following tracks: the Santa Anita Race Track, the Hollywood Park Race Track, the Del Mar Race Track, and a race track in northern California, to be determined at a later date. As of December 31 of each year, the fund shall be divided into four equal parts, which shall be used in the following calendar year as a supplement to the purse money for a Vincent Vincent-Maddy California Thoroughbred Race Cup race at one of those venues.