senate Bill S7049

Signed by Governor

Relates to extending certain provisions relating to capital awards to vendor tracks

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor
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actions

  • 25 / Apr / 2012
    • REFERRED TO RACING, GAMING AND WAGERING
  • 22 / May / 2012
    • REPORTED AND COMMITTED TO FINANCE
  • 05 / Jun / 2012
    • 1ST REPORT CAL.1070
  • 06 / Jun / 2012
    • 2ND REPORT CAL.
  • 11 / Jun / 2012
    • ADVANCED TO THIRD READING
  • 12 / Jun / 2012
    • PASSED SENATE
  • 12 / Jun / 2012
    • DELIVERED TO ASSEMBLY
  • 12 / Jun / 2012
    • REFERRED TO WAYS AND MEANS
  • 19 / Jun / 2012
    • SUBSTITUTED FOR A10092
  • 19 / Jun / 2012
    • ORDERED TO THIRD READING RULES CAL.362
  • 19 / Jun / 2012
    • PASSED ASSEMBLY
  • 19 / Jun / 2012
    • RETURNED TO SENATE
  • 27 / Aug / 2012
    • DELIVERED TO GOVERNOR
  • 07 / Sep / 2012
    • SIGNED CHAP.454

Summary

Extends certain provisions relating to capital awards to vendor tracks.

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Bill Details

See Assembly Version of this Bill:
A10092
Versions:
S7049
Legislative Cycle:
2011-2012
Law Section:
Tax Law
Laws Affected:
Amd ยง1612, Tax L

Sponsor Memo

BILL NUMBER:S7049

TITLE OF BILL:
An act to amend the tax law, in relation to capital awards to vendor
tracks

PURPOSE OR GENERAL IDEA OF BILL:
To extend for one year the ability of vendor tracks to carryover the
unused portion of their capital award from one year into subsequent
years and to extend the deadline for submission and completion of
projects which would qualify for the vendor's capital award.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Amends clause (H) of subparagraph (ii) of paragraph 1 of
subdivision b of section 1612 of the tax law to extend for one year the
ability of vendor tracks (except for Aqueduct Racetrack) to carryover
the unused portion of their capital award from one year into subsequent
years. It also extends by one year the deadline for submission and
completion of projects which would qualify for the vendor's capital
award.

Section 2. Effective date.

JUSTIFICATION:
Currently there is significant movement in the area of gaming policy in
New York State and a constitutional amendment to allow full casino
gaming may go before the voters of New York in November of 2013. This
one year extender would give vendor tracks the ability to see the resol-
ution of this issue before being locked into capital award projects
which may become moot or even counterproductive depending on the direc-
tion of New York State gaming policy.

PRIOR LEGISLATIVE HISTORY:
None.

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  7049

                            I N  S E N A T E

                             April 25, 2012
                               ___________

Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
  printed to be committed to the Committee on Racing, Gaming and  Wager-
  ing

AN  ACT  to  amend  the tax law, in relation to capital awards to vendor
  tracks

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

  Section  1. Clause (H) of subparagraph (ii) of paragraph 1 of subdivi-
sion b of section 1612 of the tax law, as amended by section 6 of part K
of chapter 57 of the laws of 2010, is amended to read as follows:
  (H) notwithstanding clauses (A), (B), (C), (D), (E), (F)  and  (G)  of
this  subparagraph, the track operator of a vendor track shall be eligi-
ble for a vendor's capital award of up to  four  percent  of  the  total
revenue  wagered at the vendor track after payout for prizes pursuant to
this chapter, which  shall  be  used  exclusively  for  capital  project
investments  to improve the facilities of the vendor track which promote
or encourage increased attendance at the video lottery  gaming  facility
including,  but  not limited to hotels, other lodging facilities, enter-
tainment  facilities,  retail  facilities,  dining  facilities,   events
arenas,  parking  garages  and  other improvements that enhance facility
amenities; provided that such capital investments shall be  approved  by
the  division, in consultation with the state racing and wagering board,
and that such vendor track demonstrates that such  capital  expenditures
will  increase  patronage at such vendor track's facilities and increase
the amount of revenue generated to support state education programs. The
annual amount of such vendor's capital awards that a vendor track  shall
be  eligible  to  receive  shall  be limited to two million five hundred
thousand dollars, except for Aqueduct racetrack, for which  there  shall
be  no  vendor's  capital awards. Except for tracks having less than one
thousand one hundred video gaming machines, each track operator shall be
required to co-invest an amount of  capital  expenditure  equal  to  its
cumulative  vendor's  capital award. For all tracks, except for Aqueduct
racetrack, the amount of any vendor's capital award  that  is  not  used
during  any  one  year  period may be carried over into subsequent years

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15440-01-2

S. 7049                             2

ending before April first, two thousand [thirteen] FOURTEEN.  Any amount
attributable to a capital expenditure approved prior to April first, two
thousand [thirteen] FOURTEEN and completed before April first, two thou-
sand [fifteen] SIXTEEN shall be eligible to receive the vendor's capital
award. In the event that a vendor track's capital expenditures, approved
by  the  division prior to April first, two thousand [thirteen] FOURTEEN
and completed prior to April  first,  two  thousand  [fifteen]  SIXTEEN,
exceed  the vendor track's cumulative capital award during the five year
period ending April first, two thousand [thirteen] FOURTEEN, the  vendor
shall continue to receive the capital award after April first, two thou-
sand  [thirteen]  FOURTEEN  until such approved capital expenditures are
paid to the vendor track subject to any required  co-investment.  In  no
event  shall  any  vendor  track  that receives a vendor fee pursuant to
clause (F) or (G) of this subparagraph be eligible for a vendor's  capi-
tal  award  under this section. Any operator of a vendor track which has
received a vendor's  capital  award,  choosing  to  divest  the  capital
improvement toward which the award was applied, prior to the full depre-
ciation of the capital improvement in accordance with generally accepted
accounting principles, shall reimburse the state in amounts equal to the
total  of  any such awards. Any capital award not approved for a capital
expenditure at a video lottery gaming facility by April first, two thou-
sand [thirteen] FOURTEEN shall be deposited into the state lottery  fund
for education aid; and
  S 2. This act shall take effect immediately.

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