Virginia HB 843: Pari-mutuel wagering; historical horse racing, percentage retained for distribution.

Bill Text

VIRGINIAACTSOFASSEMBLY--2024SESSION
CHAPTER53
An Act to amend and reenact § 59.1-392 of the Code of Virginia, relating to pari-mutuel wagering;
historical horse racing; percentage retained for distribution.
[H843]
ApprovedMarch8,2024
Be it enacted by the General Assembly of Virginia:
1. That §59.1-392 of the Code of Virginia is amended and reenacted as follows:
§59.1-392. Percentage retained; tax.
A. Any person holding an operator's license to operate a horse racetrack or satellite facility in the
Commonwealth pursuant to this chapter shall be authorized to conduct pari-mutuel wagering on horse
racing subject to the provisions of this chapter and the conditions and regulations of the Commission.
B. On pari-mutuel pools generated by wagering at the racetrack on live horse racing conducted
within the Commonwealth, involving win, place, and show wagering, the licensee shall retain a
percentage amount approved by the Commission as jointly requested by a recognized majority
horsemen's group and a licensee and the legitimate breakage, out of which shall be paid one and
one-quarter 1.25 percent to be distributed as follows: one 1.0 percent to the Commonwealth as a license
tax and one-quarter 0.25 percent to the locality in which the racetrack is located. The remainder of the
retainage shall be paid as provided in subsection D, provided, however, that if the percentage amount
approved by the Commission is other than 18 percent, the amounts provided in subdivisions D 1, 2, and
3 shall be adjusted by the proportion that the approved percentage amount bears to 18 percent.
C. On pari-mutuel pools generated by wagering at each Virginia satellite facility on live horse racing
conducted within the Commonwealth, involving win, place, and show wagering, the licensee shall retain
a percentage amount approved by the Commission as jointly requested by a recognized majority
horsemen's group and a licensee and the legitimate breakage, out of which shall be paid one and
one-quarter 1.25 percent to be distributed as follows: three-quarters 0.75 percent to the Commonwealth
as a license tax, one-quarter 0.25 percent to the locality in which the satellite facility is located, and
one-quarter 0.25 percent to the locality in which the racetrack is located. The remainder of the retainage
shall be paid as provided in subsection D;, provided, however, that if the percentage amount approved
by the Commission is other than 18 percent, the amounts provided in subdivisions D 1, 2, and 3 shall
be adjusted by the proportion that the approved percentage amount bears to 18 percent.
D. On pari-mutuel pools generated by wagering at the racetrack and each Virginia satellite facility on
live horse racing conducted within the Commonwealth, involving win, place, and show wagering, the
licensee shall retain a percentage amount approved by the Commission as jointly requested by a
recognized majority horsemen's group and a licensee and the legitimate breakage, out of which shall be
paid:
1. Eight percent as purses or prizes to the participants in such race meeting;
2. Seven and one-half percent, and all of the breakage and the proceeds of pari-mutuel tickets
unredeemed 180 days from the date on which the race was conducted, to the operator;
3. One percent to the Virginia Breeders Fund;
4. Fifteen one-hundredths percent to the Virginia-Maryland Regional College of Veterinary Medicine;
5. Five one-hundredths percent to the Virginia Horse Center Foundation;
6. Five one-hundredths percent to the Virginia Horse Industry Board; and
7. The remainder of the retainage shall be paid as appropriate under subsection B or C.
E. On pari-mutuel pools generated by wagering at the racetrack on live horse racing conducted
within the Commonwealth involving wagering other than win, place, and show wagering, the licensee
shall retain a percentage amount approved by the Commission as jointly requested by a recognized
majority horsemen's group and a licensee and the legitimate breakage, out of which shall be paid two
and three-quarters 2.75 percent to be distributed as follows: two and one-quarter 2.25 percent to the
Commonwealth as a license tax, and one-half 0.5 percent to the locality in which the racetrack is
located. The remainder of the retainage shall be paid as provided in subsection G;, provided, however,
that if the percentage amount approved by the Commission is other than 22 percent, the amounts
provided in subdivisions G 1, 2, and 3 shall be adjusted by the proportion that the approved percentage
amount bears to 22 percent.
F. On pari-mutuel pools generated by wagering at each Virginia satellite facility on live horse racing
conducted within the Commonwealth involving wagering other than win, place, and show wagering, the
licensee shall retain a percentage amount approved by the Commission as jointly requested by a
recognized majority horsemen's group and a licensee and the legitimate breakage, out of which shall be
paid two and three-quarters 2.75 percent to be di