Assembly Bill A10092

Signed By Governor
2011-2012 Legislative Session

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

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Sponsored By

Archive: Last Bill Status Via S7049 - Signed by Governor


  • 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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2011-A10092 (ACTIVE) - Details

See Senate Version of this Bill:
S7049
Law Section:
Tax Law
Laws Affected:
Amd ยง1612, Tax L

2011-A10092 (ACTIVE) - Summary

Extends certain provisions relating to capital awards to vendor tracks.

2011-A10092 (ACTIVE) - Bill Text download pdf

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

                                  10092

                          I N  A S S E M B L Y

                               May 3, 2012
                               ___________

Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
  tee on Ways and Means

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
ending before April first, two thousand [thirteen] FOURTEEN.  Any amount

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

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