On Tuesday, June 30, Gov. Mikie Sherrill signed New Jersey’s FY2027 state budget, a $60.7 billion USD spending plan that includes a $20 million USD appropriation for horse racing purses in the Garden State.
The governor’s proposed budget, released in March, had allotted $5 million USD for purses, a decrease of $15 million USD from the funding provided in previous years. The State Legislature restored the appropriation to $20 million USD as part of the budget process.
This annual funding, shared equally between Standardbreds and Thoroughbreds, is part of a second five-year, $100 million USD reauthorization of the purse appropriation program first established by the Governor and Legislature in 2018. The program was reauthorized shortly after the initial five-year period concluded in 2023.
An economic impact study in 2024, completed with assistance from the Standardbred Breeders and Owners Association of New Jersey, showed horse racing generated $75 million USD annually in tax revenue for the state.
The SBOANJ board, along with the state’s Standardbred industry’s political action committee, TrotPAC, and policy partner AMG, met with numerous legislators throughout the budget process as it worked vigorously to help ensure the purse funding was restored to $20 million USD. The SBOANJ is "grateful for everyone’s hard work and extends its sincere thanks to Gov. Sherrill and the State Legislature for their continued support of New Jersey’s racing industry."
(SBOANJ)