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Senate Bill S6917

2017-2018 Legislative Session

Relates to calculating franchise fees

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2017-S6917 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Amd §208, RWB L

2017-S6917 (ACTIVE) - Summary

Relates to franchised corporations remitting to the state each year a franchise payment which shall be calculated and equal to the lesser of the adjusted net income or operating cash.

2017-S6917 (ACTIVE) - Sponsor Memo

2017-S6917 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6917
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             October 13, 2017
                                ___________
 
 Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the racing, pari-mutuel wagering and  breeding  law,  in
   relation to calculating franchise fees
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 208  of  the  racing,  pari-mutuel
 wagering  and  breeding  law,  as  amended by chapter 140 of the laws of
 2008, is amended to read as follows:
   1. In consideration of the franchise and in accordance with its  fran-
 chise  agreement,  the  franchised corporation shall remit to the state,
 each year, no later than April fifth, a franchise fee payment. The fran-
 chise fee shall be calculated and equal to the lesser of  paragraph  (a)
 or  (b) of this subdivision as follows: (a) adjusted net income, includ-
 ing all sources of audited generally accepted accounting principles  net
 income  as  of December thirty-first (i) plus the amount of depreciation
 and amortization for such year as set forth on  the  statement  of  cash
 flows  (ii)  less  the amount received by the franchised corporation for
 capital expenditures and (iii) less  principal  payments  made  for  the
 repayment of debt; or (b) operating cash which is defined as cash avail-
 able  on  December  thirty-first  (i) which excludes all restricted cash
 accounts, segregated accounts as per audited  financial  statements  and
 cash  on hand needed to fund the on-track pari-mutuel operations through
 the vault, (ii) less [forty-five] THREE HUNDRED SIXTY-FIVE days of oper-
 ating expenses pursuant  to  generally  accepted  accounting  principles
 which  shall  be  an  average  calculated by dividing the current year's
 annual budget by the number of days in such year  and  multiplying  that
 number by [forty-five] THREE HUNDRED SIXTY-FIVE.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13581-01-7

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