The state Legislature sent Gov. Phil Murphy a bill that would set aside $100 million in subsidies for the state’s three horseracing tracks, a measure which proponents say will boost the ancillary economy which ranges from horse-care to farming.

Senate Bill 2992 would restore the state support former-Gov. Chris Christie cut years ago in an effort to boost the state’s then struggling casino industry.

The bill would allocate $20 million in subsidies annually over five years to the state’s three racetracks, Monmouth Park in Oceanport, the Meadowlands Racetrack in East Rutherford and the Freehold Raceway in Freehold, as well as other portions of the horseracing industry within the state.

The Assembly approved S2992 in a 68-6 vote with one abstention on Thursday, while the state Senate approved the measure by a 39-0 vote that same day.

According to the bill, 100 percent of the funds for the thoroughbred industry would go towards the Monmouth Park overnight purses.

As for the money going towards the standardbred industry, 60 percent of the funds would go to the overnight purses at the Meadowlands Racetrack, 16 percent to the purses at the Freehold Raceway, 12 percent to the New Jersey Sire Stakes purses, 6 percent to purse bonuses for New Jersey sired horses, and 6 percent for breeders awards purses.

Earlier this week, the Assembly Appropriations Committee approved an amendment that would let the governor’s office, Legislature and New Jersey Racing Commission review the yearly economic activity of the racetracks and cut off the subsidies if they are not having the desired effects.

Murphy, on the same day the Legislature sent him the horseracing subsidy bill, vetoed a homeless aid bill on the grounds of fiscal restraint.

Senate Bill 1965 would have boosted housing assistance for the homeless and chronically ill residents, and proponents said the program would cost the state at most $100 million, potentially the same as the horseracing subsidies.

But Murphy said the bill lawmakers sent him would essentially amount to a blank check – far more than the state budget could handle.

“While I certainly support the provision and expansion of affordable housing opportunities, I also believe that the long term fiscal implications of the bill, and other bills that directly affect the state’s finances, must be carefully considered,” Murphy wrote in his Thursday veto message.

“At this point in time, midway through the fiscal year, the state of New Jersey confronts uncertain tax collections,” Murphy added.

Sweeney disputed the high costs which the governor’s office pegged onto the program, $200 million, and suggested the cost could at most be half that amount.