TRENTON—Gov. Chris Christie signed a law establishing of a rebate program designed to encourage convenience betting options for horseracing patrons.
The bipartisan bill, S-2078, funds rebates for sales and use taxes paid by contractors for materials and supplies used to build new off-track wagering facilities (OTW). State Sen. Jennifer Beck (R- Monmouth) and Senate President Steve Sweeney (D- Gloucester/Cumberland/Salem) were the prime sponsors of the legislation.
“Convenience wagering is critical to the future of horse racing in New Jersey,” said Beck. “This tax rebate program is a companion incentive to help ensure that the additional permits are used and the facilities are constructed. Once completed, OTW’s will generate millions in tax revenue for the state while ensuring that the racing industry is self sufficient and an economic engine for New Jersey.”
Beck said that extending more wagering outlets to race watchers would help New Jersey compete with successful racing and gaming industries in other states that threaten New Jersey’s market share. “We have to be able to compete with our neighbors,” she stated. “OTW’s will keep bets here and attract more customers to New Jersey.”