| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jul 21, 2020 | referred to racing and wagering delivered to assembly passed senate |
| Mar 04, 2020 | advanced to third reading |
| Mar 03, 2020 | 2nd report cal. |
| Mar 02, 2020 | 1st report cal.517 |
| Jan 08, 2020 | referred to racing, gaming and wagering returned to senate died in assembly |
| Jun 19, 2019 | referred to racing and wagering delivered to assembly passed senate ordered to third reading cal.1711 |
| Jun 06, 2019 | referred to rules |
senate Bill S6359
2019-2020 Legislative Session
Sponsored By
Joseph P. Addabbo Jr
(D) 15th Senate District
Archive: Last Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Actions
Votes
Co-Sponsors
Daphne Jordan
(R, C, IP, RFM) 0 Senate District
S6359 (ACTIVE) - Details
S6359 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6359 REVISED 06/07/19 SPONSOR: ADDABBO TITLE OF BILL: An act to amend the racing, pari-mutuel wagering and breeding law, in relation to allowing off-track betting corporations to set up special reserve funds PURPOSE: The purpose of this bill is to create a special reserve fund for off track betting corporations and allow the current 1 percent take out allowed for on exotic bet to be redirected from the capital acquisition fund to the newly created special reserve fund to be disbursed solely for expenses owed to New York State entities such as race tracks, horse- men and breeding funds and state and local governments. SUMMARY OF PROVISIONS: Section 1 creates a special reserve fund for off track betting corpo- rations and authorizes the current 1 percent of exotic bets take given to OTBs to be redirected to fund this new fund. Monies in this fund
S6359 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
6359
2019-2020 Regular Sessions
I N S E N A T E
June 6, 2019
___________
Introduced by Sen. ADDABBO -- 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 allowing off-track betting corporations to set up special
reserve funds
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The racing, pari-mutuel wagering and breeding law is
amended by adding a new section 509-b to read as follows:
§ 509-B. SPECIAL RESERVE FUND. THE CORPORATION MAY CREATE AND ESTAB-
LISH A SPECIAL RESERVE FUND FOR THE PURPOSE OF MAKING ANY STATUTORY
PAYMENTS TO ANY NEW YORK STATE ENTITY AS REQUIRED BY LAW, INCLUDING
PAYMENTS TO NEW YORK STATE TRACKS. SUCH SPECIAL RESERVE FUND SHALL
CONSIST OF THE AMOUNTS SPECIFIED PURSUANT TO SUBDIVISION THREE-A OF
SECTION FIVE HUNDRED THIRTY-TWO OF THIS CHAPTER. NO SUCH ONE PERCENT
CONTRIBUTION MAY BE MADE TO THE SPECIAL RESERVE FUND IF SUCH ONE PERCENT
CONTRIBUTION IS MADE TO THE CAPITAL ACQUISITION FUND UNDER SECTION FIVE
HUNDRED NINE-A OF THIS CHAPTER. IF SUCH ONE PERCENT CONTRIBUTION IS
MADE TO THE SPECIAL RESERVE FUND:
1. SUCH CONTRIBUTION SHALL NOT EXCEED THE AMOUNT OF ONE PERCENT OF THE
TOTAL PARI-MUTUEL WAGERING POOLS FOR THE QUARTER IN WHICH SUCH CONTRIB-
UTION IS MADE;
2. SUCH CONTRIBUTION SHALL NOT 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 SUCH 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.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13147-01-9
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