Manalapan, NJ – On Tuesday night (June 30), Governor Mikie Sherrill signed New Jersey’s FY2027 state budget, a $60.7 billion spending plan that includes a $20 million appropriation for horse racing purses in the Garden State.
The governor’s proposed budget, released in March, had allotted $5 million for purses, a decrease of $15 million from the funding provided in previous years. The State Legislature restored the appropriation to $20 million as part of the budget process.
This annual funding, shared equally between Standardbreds and Thoroughbreds, is part of a second five-year, $100 million reauthorization of the purse appropriation program first established by former Governor Phil Murphy and the 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 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.
The SBOANJ is grateful for everyone’s hard work and extends its sincere thanks to Governor Sherrill and the State Legislature for their continued support of New Jersey’s racing industry.