Illinois Compiled Statutes 230 ILCS 5/29 – (a) After the privilege or pari-mutuel tax established in Sections …
Current as of: 2024 | Check for updates
|
Other versions
(a) After the privilege or pari-mutuel tax established in Sections 26(f), 27, and 27.1 is paid to the State from the monies retained by the organization licensee pursuant to Sections 26, 26.2, and 26.3, the remainder of those monies retained pursuant to Sections 26 and 26.2, except as provided in subsection (g) of Section 27 of this Act, shall be allocated evenly to the organization licensee and as purses.
(b) (Blank).
(c) (Blank).
(d) From the amounts generated for purses from all sources, including, but not limited to, amounts generated from wagering conducted by organization licensees, organization gaming licensees, inter-track wagering licensees, inter-track wagering location licensees, and advance deposit wagering licensees, an organization licensee shall pay to an organization representing the largest number of horse owners and trainers in Illinois, for thoroughbred and standardbred horses that race at the track of the organization licensee, an amount equal to at least 5% of any and all revenue earned by the organization licensee for purses for that calendar year. A contract with the appropriate thoroughbred or standardbred horsemen organization shall be negotiated and signed by the organization licensee before the beginning of each calendar year. Amounts may be used for any legal purpose, including, but not limited to, operational expenses, programs for backstretch workers, retirement plans, diversity scholarships, horse aftercare programs, workers compensation insurance fees, and horse ownership programs. Financial statements highlighting how the funding is spent shall be provided upon request to the organization licensee. The appropriate thoroughbred or standardbred horsemen organization shall make that information available on its website.
(b) (Blank).
Terms Used In Illinois Compiled Statutes 230 ILCS 5/29
- Contract: A legal written agreement that becomes binding when signed.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(c) (Blank).
(d) From the amounts generated for purses from all sources, including, but not limited to, amounts generated from wagering conducted by organization licensees, organization gaming licensees, inter-track wagering licensees, inter-track wagering location licensees, and advance deposit wagering licensees, an organization licensee shall pay to an organization representing the largest number of horse owners and trainers in Illinois, for thoroughbred and standardbred horses that race at the track of the organization licensee, an amount equal to at least 5% of any and all revenue earned by the organization licensee for purses for that calendar year. A contract with the appropriate thoroughbred or standardbred horsemen organization shall be negotiated and signed by the organization licensee before the beginning of each calendar year. Amounts may be used for any legal purpose, including, but not limited to, operational expenses, programs for backstretch workers, retirement plans, diversity scholarships, horse aftercare programs, workers compensation insurance fees, and horse ownership programs. Financial statements highlighting how the funding is spent shall be provided upon request to the organization licensee. The appropriate thoroughbred or standardbred horsemen organization shall make that information available on its website.