Nebraska § 2-1207.01 - Deduction from wagers; distribution; costs.
Full text of Nebraska Revised Statutes of Nebraska § 2-1207.01 — Deduction from wagers; distribution; costs., with citation guidance and answers to common questions.
§ 2-1207.01. Deduction from wagers; distribution; costs.
(1) The amount deducted from wagers pursuant to subsection (2) of section 2-1207 may be used to promote agriculture and horsebreeding in Nebraska and shall be distributed as described in this section as purse supplements and breeder and stallion awards for Nebraska-bred horses, as defined and registered pursuant to section 2-1213, at the racetrack where the funds were generated. The official registrar for each breed, as established in section 2-1213, shall distribute purse supplements and breeder and stallion awards and shall annually spend a minimum of eighty percent of all amounts deducted pursuant to subsection (2) of section 2-1207 on such purse supplements and breeder and stallion awards.
(2)(a) If a racetrack does not continue to conduct live race meets, amounts deducted may be distributed as purse supplements and breeder and stallion awards at racetracks that conduct live race meets of the same breed of horse that has primarily run in live race meets at such track.
(b) Amounts deducted pursuant to a contract with the organization representing the majority of the licensed owners and trainers at the racetrack's most recent live thoroughbred race meet shall be used by that organization to promote live thoroughbred horseracing in the state or as purse supplements at racetracks that conduct live thoroughbred race meets in the state.
(c) Amounts deducted pursuant to a contract between the organization representing the majority of licensed owners and trainers at the racetrack's most recent live quarterhorse race meet shall be used by such organization to promote live quarterhorse race meets in the state.
(3) Any costs incurred by the commission pursuant to this section and subsection (2) of section 2-1207 shall be separately accounted for and be deducted from such funds.
Frequently Asked Questions About Nebraska § 2-1207.01
What does Revised Statutes of Nebraska § 2-1207.01 cover?
Section 2-1207.01 ("Deduction from wagers; distribution; costs.") is part of the Revised Statutes of Nebraska, the codified statutory law of Nebraska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nebraska § 2-1207.01?
A common citation format is "Revised Statutes of Nebraska § 2-1207.01" (Nebraska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nebraska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nebraska official source linked on this page or consult a licensed Nebraska attorney.
How does Nebraska § 2-1207.01 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nebraska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nebraska.