Any association or corporation licensed to conduct harness race meetings at which pari-mutuel betting is permitted may, if in its sole discretion such association or corporation determines, that it would be beneficial to run races which are limited to New York bred horses. These races may be written on such terms and conditions as any other race authorized pursuant to law or regulation of the board, notwithstanding any preference date requirements. If in the opinion of the corporation or association sufficient competition cannot be had among such restricted class of horses, said race may be eliminated for said day and a substitute race provided instead. The board shall be authorized to promulgate regulations to effectuate the intent of this section.