SB 977: Horse racing: charity racing days: nonprofit corporation or trust: distributions to qualified disabled jockeys.

Existing law, the Horse Racing Law, requires each licensed racing association to designate a certain number of racing days to be conducted as charity days for the purpose of distributing the net proceeds to beneficiaries through a distributing agent that provides, among other things, at least 30% of the distribution from charity day racing go to charities associated with the horse racing industry. That law also requires that a separate 20% of the distribution be made to a nonprofit corporation or trust, of which the directors or trustees serve without compensation except for reimbursement for reasonable expenses, and for which the nonprofit corporation or trust has as its sole purpose the accumulation of endowment funds, the income of which is distributed to qualified disabled jockeys. That law requires that when the nonprofit corporation or trust has received distributions in an amount equal to $2,000,000, the distribution to the nonprofit corporation or trust ceases.

This bill would remove the requirement that when the nonprofit corporation or trust has received distributions in an amount equal to $2,000,000, the distribution to the nonprofit corporation or trust ceases.