assembly Bill A10101A

2021-2022 Legislative Session

Relates to the issuance of bonds and the disposition of certain revenue with respect to debt incurred in the redevelopment project at Belmont Park racetrack

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Sponsored By

Current Bill Status - In Assembly 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 (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 25, 2022 print number 10101a
May 25, 2022 amend and recommit to ways and means
Apr 29, 2022 referred to ways and means

Co-Sponsors

A10101 - Details

See Senate Version of this Bill:
S9022
Law Section:
Tax Law
Laws Affected:
Amd §1612, Tax L

A10101 - Summary

Relates to the disposition of certain revenue with respect to debt incurred in the redevelopment project at Belmont Park racetrack; authorizes the New York Racing Association, Inc. to enter into a repayment agreement with the state of New York for payment of bonds issued by the state for the renovation of Belmont Park.

A10101 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10101
 
                           I N  A S S E M B L Y
 
                              April 29, 2022
                                ___________
 
 Introduced by M. of A. SOLAGES, PRETLOW -- read once and referred to the
   Committee on Ways and Means
 
 AN  ACT  to amend the tax law, in relation to the disposition of certain
   revenue with respect to debt incurred in the redevelopment project  at
   Belmont  Park  racetrack; and to authorize the New York Racing Associ-
   ation, Inc. to enter into a repayment agreement with the state of  New
   York  for  payment  of bonds issued by the state for the renovation of
   Belmont Park
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Legislative findings. The legislature finds that it is in
 the interests of the state to assist The New  York  Racing  Association,
 Inc., which is the franchised corporation pursuant to section 206 of the
 racing,  pari-mutuel wagering and breeding law, in obtaining the financ-
 ing the franchised corporation needs to  renovate  Belmont  Park.    The
 legislature  further  finds that the cost of this project is anticipated
 to be four hundred fifty-five million dollars and that the state has the
 ability to issue personal income tax or state sales tax bonds to  gener-
 ate such funds. The legislature further finds that authorizing access to
 this  financing  will  enable  The New York Racing Association, Inc.  to
 make a major investment in Nassau County  that  will  lead  to  new  job
 opportunities  and bolster the local economy, without spending any state
 dollars.
   § 2. Issuance of certain bonds or notes. 1. Subject to the  provisions
 of  chapter  59  of the laws of 2000, and consistent with any agreements
 and leases between the franchised  corporation  designated  pursuant  to
 section 206 of the racing, pari-mutuel wagering and breeding law and the
 people  of  the  state of New York acting by and through the state fran-
 chise oversight board, but notwithstanding the provisions of  any  other
 law,  rule,  or  regulation to the contrary, the dormitory authority and
 the  urban  development  corporation  are  hereby  authorized  to  issue
 personal  income  tax or state sales tax bonds in one or more series for
 the purpose of funding project costs for  the  Belmont  Racetrack  reno-
 vation  project  and other state costs associated with such project. The
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

A10101A (ACTIVE) - Details

See Senate Version of this Bill:
S9022
Law Section:
Tax Law
Laws Affected:
Amd §1612, Tax L

A10101A (ACTIVE) - Summary

Relates to the disposition of certain revenue with respect to debt incurred in the redevelopment project at Belmont Park racetrack; authorizes the New York Racing Association, Inc. to enter into a repayment agreement with the state of New York for payment of bonds issued by the state for the renovation of Belmont Park.

A10101A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10101--A
 
                           I N  A S S E M B L Y
 
                              April 29, 2022
                                ___________
 
 Introduced by M. of A. SOLAGES, PRETLOW -- read once and referred to the
   Committee  on  Ways  and  Means -- committee discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the tax law, in relation to the disposition  of  certain
   revenue  with respect to debt incurred in the redevelopment project at
   Belmont Park racetrack; and to authorize the New York  Racing  Associ-
   ation,  Inc. to enter into a repayment agreement with the state of New
   York for payment of bonds issued by the state for  the  renovation  of
   Belmont Park
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings. The legislature finds that it  is  in
 the interests of the state to assist the franchised corporation pursuant
 to  section 206 of the racing, pari-mutuel wagering and breeding law, in
 obtaining the financing the franchised  corporation  needs  to  renovate
 Belmont  Park.    The  legislature  further  finds that the cost of this
 project is anticipated to be four hundred fifty-five million dollars and
 that the state has the ability to issue personal  income  tax  or  state
 sales  tax  bonds  to generate such funds. The legislature further finds
 that authorizing access to this financing  will  enable  the  franchised
 corporation  to  make a major investment in Nassau County that will lead
 to new job opportunities and bolster the local economy.
   § 2. Issuance of certain bonds or notes. 1. Subject to the  provisions
 of  chapter  59  of the laws of 2000, and consistent with any agreements
 and leases between the franchised  corporation  designated  pursuant  to
 section 206 of the racing, pari-mutuel wagering and breeding law and the
 people  of  the  state of New York acting by and through the state fran-
 chise oversight board, but notwithstanding the provisions of  any  other
 law,  rule,  or  regulation to the contrary, the dormitory authority and
 the  urban  development  corporation  are  hereby  authorized  to  issue
 personal  income  tax or state sales tax bonds in one or more series for
 the purpose of funding project costs for  the  Belmont  Racetrack  reno-
 vation  project  and other state costs associated with such project. The
 aggregate principal amount of bonds authorized to be issued pursuant  to
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.