Assembly Bill A3850

2019-2020 Legislative Session

Relates to contribution requirements for the capital acquisition fund

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2019-A3850 (ACTIVE) - Details

Current Committee:
Assembly Racing And Wagering
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Amd §509-a, RWB L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6124
2017-2018: A4311
2021-2022: A1695

2019-A3850 (ACTIVE) - Summary

Relates to contribution requirements for the capital acquisition fund.

2019-A3850 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3850
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 31, 2019
                                ___________
 
 Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
   tee on Racing and Wagering
 
 AN ACT to amend the racing, pari-mutuel wagering and  breeding  law,  in
   relation to contribution requirements for the capital acquisition fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 509-a of the  racing,  pari-mutuel
 wagering  and breeding law, as added by chapter 681 of the laws of 1989,
 is amended to read as follows:
   (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; PROVIDED, HOWEVER, THAT UP  TO  SEVENTY-FIVE  PERCENT  OF
 SUCH  AMOUNT  MAY  BE USED BY THE CORPORATION FOR ANY CORPORATE PURPOSE,
 PROVIDED THAT:
   (A) SUCH CORPORATION IS NOT UTILIZING ITS CAPITAL ACQUISITION FUND FOR
 CORPORATE PURPOSES AS PROVIDED IN SECTION THREE OF PART  II  OF  CHAPTER
 FIFTY-EIGHT OF THE LAWS OF TWO THOUSAND TWELVE; AND
   (B) SUCH CORPORATION SHALL SUBMIT A FINANCIAL PLAN FOR THE USE OF SUCH
 FUNDS  TO  THE  COMMISSION  FOR  APPROVAL BY SEPTEMBER THIRTIETH OF EACH
 YEAR, WHICH SHALL INCLUDE THE AMOUNT AND SPECIFIC USE OF SUCH FUNDS, AND
 ANY ADDITIONAL INFORMATION THAT THE COMMISSION DEEMS APPROPRIATE.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08379-01-9

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