senate Bill S8485

2021-2022 Legislative Session

Relates to the investment of funds wagered on video lottery gaming for certain horse races; repealer

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Racing, Gaming And Wagering 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 07, 2022 referred to racing, gaming and wagering

Co-Sponsors

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S8485 (ACTIVE) - Details

See Assembly Version of this Bill:
A8468
Current Committee:
Senate Racing, Gaming And Wagering
Law Section:
Tax Law
Laws Affected:
Amd §§1612 & 1617-a, rpld §1612 sub b ¶3, Tax L; rpld §1355 sub 1 ¶(b), RWB L

S8485 (ACTIVE) - Summary

Relates to the investment of funds wagered on video lottery gaming for certain horse races.

S8485 (ACTIVE) - Sponsor Memo

S8485 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8485
 
                             I N  S E N A T E
 
                               March 7, 2022
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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  tax law, in relation to the investment of funds
   wagered on video lottery gaming for certain  horse  races;  to  repeal
   certain  provisions  of  the  tax  law relating thereto; and to repeal
   paragraph b of subdivision 1 of section 1355 of the racing, pari-mutu-
   el wagering and breeding law relating thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision f of section 1612 of the tax law, as amended by
 chapter  174 of the laws of 2013, paragraph 1 as amended by section 2 of
 part OO of chapter 59 of the laws of 2014 and paragraph 3 as amended  by
 section  2  of  part  V of chapter 59 of the laws of 2020, is amended to
 read as follows:
   f. As consideration for the operation  of  the  video  lottery  gaming
 facility  at Aqueduct racetrack, the division shall cause the investment
 in THE EDUCATION SYSTEM OF THE STATE OF NEW YORK AND the racing industry
 of the following percentages of the vendor fee to be deposited or  paid,
 as follows:
   1.  Six  and  one-half  percent  of  the total wagered after payout of
 prizes for the first year of operation of video lottery gaming at  Aque-
 duct  racetrack,  seven  percent  of  the  total wagered after payout of
 prizes for the second year of operation, and seven and one-half  percent
 of the total wagered after payout of prizes for the third year of opera-
 tion  and  thereafter,  for the purpose of [enhancing purses at Aqueduct
 racetrack, Belmont Park racetrack and Saratoga race course. One  percent
 of  the gross purse enhancement amount, as required by this subdivision,
 shall be paid to the gaming commission to be used exclusively to promote
 and ensure equine health and safety in New York.  Any  portion  of  such
 funding  to  the  gaming commission unused during a fiscal year shall be
 returned on a pro rata basis in accordance with the  amounts  originally
 contributed  and  shall  be  used for the purpose of enhancing purses at
 such tracks] FUNDING THE EDUCATION SYSTEM OF  THE  STATE  OF  NEW  YORK,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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