NY State Senate Bill 2009-S7162

Senate Bill S7162

2009-2010 Legislative Session

Authorizes formation of limited liability companies for the purpose of conducting horse race meetings at which pari-mutuel betting will be conducted

download bill text pdf

Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 14, 2010	referred to racing and wagering delivered to assembly passed senate
Jun 07, 2010	advanced to third reading
Jun 03, 2010	2nd report cal.
Jun 02, 2010	1st report cal.694
May 04, 2010	reported and committed to finance
Mar 18, 2010	referred to racing, gaming and wagering

Votes

- Jun 14, 2010 - Floor Vote
  S7162
  
  61
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 14, 2010
      
      aye (61)
      
      Adams
      
      Addabbo Jr.
      
      Alesi
      
      Aubertine
      
      Bonacic
      
      Breslin
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Espada
      
      Farley
      
      Flanagan
      
      Foley
      
      Fuschillo
      
      Golden
      
      Griffo
      
      Hannon
      
      Hassell-Thompson
      
      Huntley
      
      Johnson
      
      Johnson
      
      Klein
      
      Krueger
      
      Kruger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Leibell
      
      Libous
      
      Little
      
      Marcellino
      
      Maziarz
      
      McDonald
      
      Montgomery
      
      Nozzolio
      
      Onorato
      
      Oppenheimer
      
      Padavan
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Robach
      
      Saland
      
      Sampson
      
      Savino
      
      Schneiderman
      
      Serrano
      
      Seward
      
      Skelos
      
      Smith
      
      Squadron
      
      Stachowski
      
      Stavisky
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      Volker
      
      Winner
      
      Young
      
      excused (1)
      
      Morahan
  May 4, 2010 - Racing, Gaming And Wagering Committee Vote
  S7162
  
  9
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Racing, Gaming And Wagering Committee Vote: May 4, 2010
      
      aye (9)
      
      Adams
      
      Addabbo Jr.
      
      Bonacic
      
      Griffo
      
      Johnson
      
      McDonald
      
      Nozzolio
      
      Onorato
      
      Stachowski
  Jun 2, 2010 - Finance Committee Vote
  S7162
  
  32
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Finance Committee Vote: Jun 2, 2010
      
      aye (32)
      
      Breslin
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Espada
      
      Farley
      
      Hannon
      
      Johnson
      
      Klein
      
      Krueger
      
      Kruger
      
      LaValle
      
      Larkin
      
      Leibell
      
      Marcellino
      
      Maziarz
      
      Montgomery
      
      Nozzolio
      
      Oppenheimer
      
      Parker
      
      Peralta
      
      Perkins
      
      Robach
      
      Saland
      
      Seward
      
      Stachowski
      
      Stavisky
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      Volker
      
      aye wr (1)
      
      Padavan

2009-S7162 (ACTIVE) - Details

Current Committee:: Assembly Racing And Wagering
Law Section:: Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:: Add §113, amd §§201, 302 & 402, RWB L

2009-S7162 (ACTIVE) - Summary

Authorizes formation of limited liability companies for the purpose of conducting horse race meetings at which pari-mutuel betting will be conducted.

2009-S7162 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S7162

 TITLE OF BILL :  An act to amend the racing, pari-mutuel wagering and
breeding law, in relation to limited liability companies

 PURPOSE :  This bill would authorize limited liability companies
(LLCs) to hold racing licenses to conduct pari-mutuel horse racing.

 SUMMARY OF PROVISIONS :  Section 1 of the bill would add a new § 113
to the Racing, Pari-Mutuel Wagering and Breeding (Racing) Law to
authorize the formation of LLCs for the purpose of conducting
pari-mutuel horse racing. This provision would apply to thoroughbred,
harness and quarter horse racing events. While this bill authorizes
LLCs to hold a racing license, such companies would need to satisfy
all of the other conditions applicable to other racing corporations
that hold such licenses.

Sections 2, 3 and 4 of the bill would amend Racing Law §§ 201, 302 and
402 to incorporate by reference those sections of law that outline the
procedures that need to be satisfied before a racing corporation
certificate of incorporation can be filed with the Secretary of State
and before a racing license can be issued to such a racing
corporation.

Section 5 of the bill would provide for the effective date.

 EXISTING LAW :  None.

 LEGISLATIVE HISTORY :  Similar legislation was introduced as S.6109
in 2007.

 STATEMENT IN SUPPORT :  The laws that establish the criteria for
forming a racing corporation were first added to New York State law in
1940. At that time, LLCs were not in existence. More recently, LLCs
have become a much more common form of business organization. However,
the Racing Law does not allow such companies to hold a racing license.
The value of LLCs in today's business climate is that they can limit
potential liability to the company's principals and can have certain
tax benefits.

Several racing corporations, while holding a racing license, operate
as a holding company with a controlled subsidiary that is operated as
a LLC. This corporate arrangement can be cumbersome because it means
that different sets of accounting books may be required to comply with
regulatory laws for corporations and LLCs. This bill would allow a LLC
to apply for and obtain its own racing license without creating either
another corporate subsidiary or holding company.

 BUDGET IMPLICATIONS :  None.

 EFFECTIVE DATE :  This bill would take effect immediately.

2009-S7162 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7162

                            I N  S E N A T E

                             March 18, 2010
                               ___________

Introduced by Sen. ADAMS -- (at request of the New York State Racing and
  Wagering Board) -- read twice and ordered printed, and when printed to
  be committed to the Committee on Racing, Gaming and Wagering

AN  ACT  to  amend the racing, pari-mutuel wagering and breeding law, in
  relation to limited liability companies

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  racing,  pari-mutuel  wagering  and  breeding law is
amended by adding a new section 113 to read as follows:
  S  113.  LIMITED  LIABILITY  COMPANIES.  NOTWITHSTANDING   ANY   OTHER
PROVISION  OF  THIS CHAPTER TO THE CONTRARY, A LIMITED LIABILITY COMPANY
MAY BE FORMED FOR THE PURPOSE OF CONDUCTING HORSE RACE MEETINGS AT WHICH
PARI-MUTUEL BETTING WILL BE CONDUCTED  PURSUANT  TO  THIS  CHAPTER.  THE
REQUIREMENTS FOR THE FORMATION OF SUCH A LIMITED LIABILITY COMPANY SHALL
BE  CONSISTENT  WITH THE SPECIFIC REQUIREMENTS RELATING TO THE FORMATION
OF CORPORATIONS  TO  CONDUCT  RACE  MEETINGS  FOR  THOROUGHBRED  RACING,
HARNESS  RACING  OR QUARTER HORSE RACING, PURSUANT TO ARTICLE TWO, THREE
OR FOUR OF THIS CHAPTER. ANY RESTRICTIONS OR  OTHER  PROVISIONS  OF  LAW
APPLICABLE  TO SUCH CORPORATION, AS SET FORTH IN THE APPROPRIATE ARTICLE
OF THIS CHAPTER, SHALL BE APPLICABLE TO LIMITED LIABILITY COMPANIES.  NO
ARTICLE  OF  ORGANIZATION PURSUANT TO THIS SECTION, OR ANY REINSTATEMENT
OR AMENDMENT THEREOF SHALL BE FILED WITHOUT THE APPROVAL  OF  THE  STATE
RACING AND WAGERING BOARD ENDORSED THEREON OR ANNEXED THERETO.
  S  2. Section 201 of the racing, pari-mutuel wagering and breeding law
is amended by adding a new closing paragraph to read as follows:
  NO PROVISION OF THIS ARTICLE SHALL BE DEEMED  TO  PROHIBIT  A  LIMITED
LIABILITY  COMPANY  FROM CONDUCTING RACE MEETINGS PURSUANT TO THIS ARTI-
CLE, AS AUTHORIZED BY SECTION ONE HUNDRED THIRTEEN OF THIS CHAPTER.
  S 3. Section 302 of the racing, pari-mutuel wagering and breeding  law
is amended by adding a new closing paragraph to read as follows:
  NO  PROVISION  OF  THIS  ARTICLE SHALL BE DEEMED TO PROHIBIT A LIMITED
LIABILITY COMPANY FROM CONDUCTING RACE MEETINGS PURSUANT TO  THIS  ARTI-
CLE, AS AUTHORIZED BY SECTION ONE HUNDRED THIRTEEN OF THIS CHAPTER.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15969-01-0

S. 7162                             2

  S  4. Section 402 of the racing, pari-mutuel wagering and breeding law
is amended by adding a new closing paragraph to read as follows:
  NO  PROVISION  OF  THIS  ARTICLE SHALL BE DEEMED TO PROHIBIT A LIMITED
LIABILITY COMPANY FROM CONDUCTING RACE MEETINGS PURSUANT TO  THIS  ARTI-
CLE, AS AUTHORIZED BY SECTION ONE HUNDRED THIRTEEN OF THIS CHAPTER.
  S 5. This act shall take effect immediately.

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