Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jun 24, 2009 |
referred to rules |
Senate Bill S51107
2009-2010 Legislative Session
Sponsored By
There are no sponsors of this bill.
Archive: Last Bill Status - In Senate Committee Rules 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
Actions
2009-S51107 (ACTIVE) - Details
- See other versions of this Bill:
- A8767 ,
- S5828 ,
- Current Committee:
- Senate Rules
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง1612, Tax L
2009-S51107 (ACTIVE) - Sponsor Memo
BILL NUMBER: S51107 TITLE OF BILL : An act to amend the tax law, in relation to a qualified capital investment at no more than one vendor track in Sullivan county PURPOSE OR GENERAL IDEA OF BILL : This bill will facilitate the investment of over six hundred million dollars for capital improvements at and adjacent to the Monticello Race Track. SUMMARY OF SPECIFIC PROVISIONS : Section 1 of the bill amends clause (G) of subparagraph (ii) of paragraph 1 of subdivision b of section 1612 of the tax law as amended by section 1 of part 0-1 of chapter 57 of the laws of 2009. The number of permanent employees to be hired is reduced from 2,000 to no fewer than 1,500 within three years of the opening of operations of the licensed video gaming facility or licensed vendor track. The "Qualified Capital Investment" is reduced from one billion to six hundred million dollars. The construction of the Convention Center has been removed from the project leaving "at least one eighteen hole golf course, and the construction and issuance of certificates of occupancy for hotels, lodging, spas, dining, retail and entertainment venues, parking garages and other capital improvements at or adjacent to the licensed video gaming facility or licensed vendor track." There is also a recapture provision in the legislation if there is an
2009-S51107 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 107 Second Extraordinary Session I N S E N A T E June 24, 2009 ___________ Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to a qualified capital invest- ment at no more than one vendor track in Sullivan county THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Clause (G) of subparagraph (ii) of paragraph 1 of subdivi- sion b of section 1612 of the tax law, as amended by section 1 of part O-1 of chapter 57 of the laws of 2009, is amended to read as follows: (G) notwithstanding any other provisions of this section, when [a relocated] NO MORE THAN ONE vendor track LOCATED IN THE TOWN OF THOMPSON IN SULLIVAN COUNTY AT THE SITE OF THE FORMER CONCORD RESORT at which a qualified capital investment has been made and no fewer than [two] ONE thousand full-time, permanent employees have been newly hired, is located in Sullivan county and is within sixty miles from any gaming facility in a contiguous state, then for a period of forty years the division shall pay into the state treasury, to the credit of the state lottery fund created by section ninety-two-c of the state finance law the greater of (i) twenty-five percent of total revenue after payout for prizes for "video lottery games" or (ii) for the first eight years of operation thirty-eight million dollars, and beginning in the ninth year of operation such amount shall increase annually by the lesser of the increase in the consumer price index or two percent plus the division shall retain an amount equal to all actual expenses related to oper- ations, administration and procurement of the video lottery terminal operation at [the relocated] NO MORE THAN ONE vendor track LOCATED IN THE TOWN OF THOMPSON IN SULLIVAN COUNTY AT THE SITE OF THE FORMER CONCORD RESORT, provided, however, such amount retained by the division shall not exceed seven percent of total revenue after payout of prizes. In addition, in the event the division makes a payment pursuant to EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD12131-01-9
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