Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 20, 2018 |
committed to rules |
Jan 30, 2018 |
advanced to third reading |
Jan 29, 2018 |
2nd report cal. |
Jan 23, 2018 |
1st report cal.257 |
Jan 03, 2018 |
referred to racing, gaming and wagering |
Oct 13, 2017 |
referred to rules |
Senate Bill S6917
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Votes
co-Sponsors
(R, C, IP) Senate District
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) - Sponsor Memo
BILL NUMBER: S6917 SPONSOR: BONACIC TITLE OF BILL: An act to amend the racing, pari-mutuel wagering and breeding law, in relation to calculating franchise fees PURPOSE: To increase the amount of reserves the New York Racing Association (NYRA) can retain before paying 100% of their remaining funds to the state as their franchise fee. SUMMARY OF PROVISIONS: Section 1: Amends subdivision 1 of section 208 of the Racing, Pari-Mutu- el Wagering and Breeding Law to increase the amount of reserves that NYRA can retain from forty-five days worth of operating cash to three hundred sixty-five days of operating cash before paying their remaining funds to the state as their franchise fee.
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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