§ 60-1A-19 — Retainage; New Mexico horse breeders' association and

New Mexico § 60-1A-19

• Jurisdiction: New Mexico
• Ch. 60: Business Licenses
• Art. 1A: Horse Racing Act

Text

New Mexico horsemen's association; breakage; distribution of retained amounts. (Repealed effective July 1, 2028.) A. Each racetrack licensee shall notify the commission at least thirty days prior to each race meet of the amount of exotic wager retainage that the racetrack licensee will retain pursuant to Paragraph (1) or (2) of this subsection. There shall be an amount retained by the racetrack licensee equal to: (1) for a class A racetrack licensee: (a) nineteen percent of the gross amount wagered on win, place and show, of which: 1) eighteen and three-fourths percent shall be retained by the racetrack licensee; and 2) one-fourth percent shall be remitted to the taxation and revenue department for deposit in the general fund; and (b) not less than twenty-one percent and not greater than twenty-five percent of the gross amount wagered in exotic wagers; and (2) for a class B racetrack licensee: (a) not less than eighteen and three-fourths percent and not greater than twenty-five percent of the gross amount wagered daily on win, place and show; and (b) not less than twenty-one percent and not greater than thirty percent of the gross amount wagered in exotic wagers. B. There shall be retained by a racetrack licensee for allocation to the New Mexico horse breeders' association amounts equal to: (1) five-eighths percent of the gross amount wagered on win, place and show to be allocated weekly to the New Mexico horse breeders' association for further distribution pursuant to the provisions of Subsection D of Section 60-1A-24 NMSA 1978; and (2) one and three-eighths percent of the gross amount wagered in exotic wagers to be allocated weekly to the New Mexico horse breeders' association for further distribution pursuant to the provisions of Subsection D of Section 60-1A-24 NMSA 1978. C. The breakage from the gross amount wagered through pari-mutuel wagering shall be retained by the licensee and allocated as follows: (1) fifty percent of the total breakage shall be retained by the racetrack licensee; and (2) fifty percent of the total breakage shall be allocated by the racetrack licensee to enhance the race purses of established stakes races that include only New Mexico-bred horses that are registered with the New Mexico horse breeders' association. The New Mexico horse breeders' association shall distribute the percentage designated to purses pursuant to Subsection D of Section 60-1-24 [60-1A- 24] NMSA 1978, subject to the approval of the commission. D. All money resulting from the failure of patrons who purchased winning pari- mutuel tickets during a race meet to redeem their winning tickets before the end of the sixty-day period immediately succeeding the closing day of the race meet or from all money resulting from the failure of patrons who purchased pari-mutuel tickets that were entitled to a refund but were not refunded by the end of the sixty-day period immediately following the race meet shall be apportioned as follows: (1) thirty-three and thirty-three hundredths percent shall be retained by the racetrack licensee; (2) thirty-three and thirty-four hundredths percent shall be distributed to the New Mexico horse breeders' association to enhance each racetrack licensee's established overnight purses for races that include only horses registered as New Mexico bred pursuant to Paragraph (3) of Subsection D of Section 60-1A-24 NMSA 1978, subject to the approval of the commission; and (3) thirty-three and thirty-three hundredths percent shall be allocated to the New Mexico horsemen's association for purses. E. One-half percent of the gross amount wagered on simulcast horse races broadcast to a horse racetrack in New Mexico shall be distributed by the racetrack licensee to the New Mexico horsemen's association for medical benefits for the members of the New Mexico horsemen's association. The commission shall by rule provide for the timing and manner of the distribution required pursuant to this subsection and shall audit or arrange for an independent audit of the distributions required. F. Amounts to be deducted from the retainage by the racetrack licensee from any form of wager made on the licensed premises of the racetrack licensee are: (1) the daily pari-mutuel tax imposed by Section 60-1A-18 NMSA 1978; (2) money allocated in this section to the New Mexico horse breeders' association; (3) money allocated by this section to the New Mexico horsemen's association; (4) expenses incurred to engage in intrastate simulcasting pursuant to the Horse Racing Act; provided that the deduction for a racetrack licensee shall be a portion of five percent of the gross amount wagered at all the sites receiving the same simulcast horse races and: (a) the deduction for a racetrack licensee shall be an amount allocated to the racetrack licensee by agreement voluntarily reached between all the racetracks sending or receiving the same simulcast horse races; or (b) the deduction for a racetrack licensee shall be an amount identified by the commission if all the racetracks sending or receiving the same simulcast horse races fail to reach a voluntary agreement on the level at which to set the rate of the deduction for expenses incurred for engaging in intrastate simulcasting; and (5) fees incurred to receive interstate simulcasts pursuant to the Horse Racing Act. G. A racetrack licensee shall allocate to the New Mexico horse breeders' association five percent of the daily retainage on interstate common pools received from a guest state by a racetrack licensee. Of the net retainage from all wagers, after deductions: (1) fifty percent shall be allocated to purses; and (2) fifty percent shall be retained by the racetrack licensee.

Legislative History

Laws 2007, ch. 39, § 19.