TRENTON—The Senate Budget and Appropriations Committee today approved a bipartisan bill intended to boost New Jersey’s horseracing industry by encouraging construction of off track wagering (OTW) facilities.
The bill, S-1818, would refund sales and use taxes to contractors constructing new OTW facilities that are incurred on materials and supplies used in the project.
“Convenience wagering is a huge part of the plan to make sure horseracing can continue to exist in New Jersey without state support,” said state Sen. Jennifer Beck (R-Monmouth.) “Last session, we were successful in extending the deadline to issue remaining state permits for OTWs. This tax break is a companion incentive to help ensure that the additional permits are used and the facilities are constructed.”
Beck said that extending more wagering outlets to race watchers would help New Jersey compete with successful racing and gaming industries in Pennsylvania and New York that are hurting the state’s market share. “Just like in any other sector of our economy, we have to be able to compete with our neighbors,” she stated. “We cannot expect the gaming industry at large, and horseracing in particular, to continue to be viable in New Jersey if we do not fight to keep bets here and attract more customers.”
The bill now moves to the Senate State Government, Wagering, Tourism, and Historic Preservation Committee before receiving a vote in the full Senate.
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