Senate Bill S51107

2009-2010 Legislative Session

Relates to qualified capital investments at relocated vendor tracks in Sullivan County

download bill text pdf

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

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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) - Summary

Relates to qualified capital investments at relocated vendor tracks in Sullivan County; reduces employment goal from 2,000 to 1,000 full-time, permanent employees.

2009-S51107 (ACTIVE) - Sponsor Memo

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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