Senate Bill S7049

Signed By Governor
2011-2012 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - 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-S7049 (ACTIVE) - Details

See Assembly Version of this Bill:
A10092
Law Section:
Tax Law
Laws Affected:
Amd ยง1612, Tax L

2011-S7049 (ACTIVE) - Summary

Extends certain provisions relating to capital awards to vendor tracks.

2011-S7049 (ACTIVE) - Sponsor Memo

2011-S7049 (ACTIVE) - Bill Text download pdf

                            
                    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.
              

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