Removes the authority of nonprofit fair associations to receive funds from the horse racing commission. Except for certain nonprofit fair associations, the real and personal property of a nonprofit fair association that is eligible to receive support from the fair fund is exempt from taxation. The amendment clarifies that the exemption for property owned by a nonprofit fair association with property valued at $15 million or less, requires that the property must have been used previously by the county for fair purposes and that the property must be used for fair purposes by the nonprofit corporation.