| Issue Date: | 1997-09-01 |
|---|---|
| Revised Date: | 2019-09-01 |
Legal Cites
- Occupations Code sec. 2028.202, sec. 2028.204, sec. 2028.2041, sec. 2028.205
Origin:
September 1, 1997 by H.B. 1445, 75th Leg., R.S.
Purpose
Any horse racetrack association or horse breed registry in this state may apply for money from the trust account. The commission may not allocate more than 70% of deposits annually for purses.
Proceeds of sales tax on horse supplies and related items are deposited to the account. Once the balance of the account reaches the greater of $50 million or the amount appropriated to the commission for the biennium, any additional sales tax revenue is deposited to the General Revenue Fund.
A greyhound racetrack association that receives an interstate cross-species simulcast signal shall distribute from total a purse of 4.5 percent to be escrowed with commission for deposit to the account.
| Classification | Group 08: Trust Funds [?] |
|---|---|
| Depository Interest | Retained in appropriated fund. |
| Disposition of Balance | Accumulative. Not to exceed $50 million. |
| Appropriation Technique | Not appropriated for state expenditure. |
Administering Agencies
Note
The first distribution of the escrowed purse account could not be made before October 1, 1998.
Codified by S.B. 1969, 85th Leg., R.S. effective April 1, 2019. Previously under Texas Revised Civil Statutes, Art. 179e sec. 6.091.
H.B. 2463, 86th Leg., R.S. changed the name from Racing Commission Escrowed Purse Trust Account. H.B. 2463 added deposit of horse-related sale tax proceeds and $50 million cap.
USAS Values
| USAS Title | HORSE INDUSTRY ESCROW TRUST ACCOUNT |
|---|---|
| Consolidated Fund | |
| State Fund Group | 08 - TRUST FUNDS |
| USAS Status | A |