senate Bill S6669

2017-2018 Legislative Session

Authorizes regional off-track betting corporations to allocate up to $500,000 from their capital acquisition funds for employee salaries and benefits

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Racing, Gaming And Wagering Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to racing, gaming and wagering
returned to senate
died in assembly
Jun 19, 2017 referred to racing and wagering
delivered to assembly
passed senate
ordered to third reading cal.1976
Jun 12, 2017 referred to rules

S6669 (ACTIVE) - Details

Current Committee:
Senate Racing, Gaming And Wagering
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Amd §509-a, RWB L

S6669 (ACTIVE) - Summary

Authorizes regional off-track betting corporations to allocate up to $500,000 from their capital acquisition funds for employee salaries and benefits.

S6669 (ACTIVE) - Sponsor Memo

S6669 (ACTIVE) - Bill Text download pdf


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

                                  6669

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              June 12, 2017
                               ___________

Introduced  by  Sen. AMEDORE -- 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  authorizing  a regional off-track betting corporation to
  allocate up to $500,000 from its capital acquisition fund for salaries
  and benefits of employees of such corporation

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  509-a  of  the  racing, pari-mutuel wagering and
breeding law, as added by chapter 681 of the laws of 1989 and the  open-
ing  paragraph as amended by chapter 346 of the laws of 1990, is amended
to read as follows:
  § 509-a. Capital acquisition fund. A. The corporation may  create  and
establish  a  capital  acquisition fund for the purpose of financing the
acquisition, construction or equipping of offices, facilities  or  prem-
ises  of the corporation. Such capital acquisition fund shall consist of
(i) the amounts specified pursuant to  subdivision  three-a  of  section
five hundred thirty-two of this chapter; and (ii) contributions from the
corporation's pari-mutuel wagering pools, subject to the following limi-
tations:
  (1)  no  contribution  shall  exceed  the amount of one percent of the
total pari-mutuel wagering pools for the quarter in which  the  contrib-
ution is made;
  (2) no contribution shall reduce the amount of quarterly net revenues,
exclusive of surcharge revenues, to an amount less than fifty percent of
such net revenues; and
  (3) the balance of the fund shall not exceed the lesser of one percent
of  total  pari-mutuel  wagering pools for the previous twelve months or
the undepreciated value of the  corporation's  offices,  facilities  and
premises.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13131-01-7

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