|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Apr 25, 2022||reported and committed to finance|
|Mar 04, 2022||referred to racing, gaming and wagering|
senate Bill S8471
Current Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8471 (ACTIVE) - Details
S8471 (ACTIVE) - Summary
Amends the definition of sports wager to include other things of value; changes the licensing requirement for mobile sports wagering operators; provides the state shall by no later than January 31, 2023 have fourteen operators and by January 31, 2024 have sixteen operators; provides tax rates shall be determined based on the number of operators.
S8471 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8471 SPONSOR: ADDABBO TITLE OF BILL: An act to amend the racing, pari-mutuel wagering and breeding law, in relation to the definition of wager and the licensing of mobile sports wagering operators PURPOSE: To update the law related to promotional credits, to codify the existing tax rates, and to license additional operators. SUMMARY OF PROVISIONS: Section 1: Adds "thing of value" to the definition of sports wager. Section 2: amends the definition of "sports wagering gross revenue" to exclude wagers placed with promotional credits. Section 3: Clarifies that the taxes paid under this section shall be in
S8471 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8471 I N S E N A T E March 4, 2022 ___________ Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Racing, Gaming and Wager- ing AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to the definition of wager and the licensing of mobile sports wagering operators THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (w) of subdivision 1 of section 1367 of the racing, pari-mutuel wagering and breeding law, as amended by section 3 of part Y of chapter 59 of the laws of 2021, is amended to read as follows: (w) "Sports wager" means cash [or], cash equivalent OR THING OF VALUE that is paid by an authorized sports bettor to a casino or a mobile sports wagering licensee to participate in sports wagering offered by such casino or mobile sports wagering licensee; § 2. Paragraph (y) of subdivision 1 of section 1367 of the racing, pari-mutuel wagering and breeding law, as amended by section 3 of part Y of chapter 59 of the laws of 2021, is amended to read as follows: (y) "Sports wagering gross revenue" means: [(i)] the amount equal to the total of all sports wagers not attributable to prohibited sports events that a CASINO OR mobile sports wagering licensee collects from all sports bettors, EXCLUDING WAGERS PLACED WITH PROMOTIONAL WAGERING CREDITS OR OTHER THINGS OF VALUE, less the total of all sums not attrib- utable to prohibited sports events paid out as winnings to all sports bettors, however, that the total of all sums paid out as winnings to sports bettors shall not include the cash equivalent value of any merchandise or thing of value awarded as a prize, AND LESS ALL EXCISE TAXES ON SPORTS WAGERS NOT ATTRIBUTABLE TO PROHIBITED SPORTS EVENTS PAID PURSUANT TO FEDERAL LAW; § 3. Subdivision 7 of section 1367 of the racing, pari-mutuel wagering and breeding law, as added by section 3 of part Y of chapter 59 of the laws of 2021, is amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14112-03-2
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