NY State Senate Bill S1441

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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 12, 2021	referred to racing, gaming and wagering

S1441 (ACTIVE) - Details

See Assembly Version of this Bill:: A2180
Current Committee:: Senate Racing, Gaming And Wagering
Law Section:: Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:: Add §509-b, RWB L
Versions Introduced in 2019-2020 Legislative Session:: S6359, A8203

S1441 (ACTIVE) - Summary

Allows off-track betting corporations to set up special reserve funds to use as an alternative to current capital acquisition funds.

S1441 (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S1441

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
allow:A 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 percent of exotic bets take given to
OTBs to be redirected to fund this new fund Monies in this fund shall
only be disbursed to New York State entities.

Section 2 establishes the effective date.

 
JUSTIFICATION:

Current law does not allow for Off Track Betting. Corporations (OTBs) to
nave a reserve fund to build a fund balance to help offset payments made
for operational expenses. While OTBs do hare a capital acquisition fund,
such monies cannot be spent on operational expenses, the bulk of which
are payments owed. to New York based entities such as tracks, horsemen
and breeding funds and payments owed to state and local governments.

This legislation 'would modernize the laws that govern off track betting
corporation finance by creating a special reserve fund, financed by
redirecting the existing 1 percent of exotic bets revenue stream front
the capital acquisition fund to this newly created special reserve fund.
This money will then be used to pay off expenses owed to New York State
entities such as race tracks, horsemen and brooding funds and state and
local governments which is a benefit to all entities involved.

In addition, monies already collected in the capital acqisition fund
will remain in such fund and only be allowed to be disbursed for desig-
nated capital purposes.

 
PRIOR LEGISLATIVE HISTORY:

2019: PASSED THE SENATE 2020: PASSED THE SENATE

 
FISCAL IMPLICATIONS:

None to state or local governments. However, off track betting corpo-
ration statutory .payments made to both state and local governments will
be raid out in e more efficient and timely manner.

 
EFFECTIVE DATE:
This act shall take effort immediately.

S1441 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1441
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2021
                                ___________
 
 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 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 ARTICLE.   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.

                                                            LBD05841-01-1

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The New York State Senate

senate Bill S1441

Sponsored By

Current Bill Status - In Senate Committee Racing, Gaming And Wagering Committee

Your Voice

Actions

S1441 (ACTIVE) - Details

S1441 (ACTIVE) - Summary

S1441 (ACTIVE) - Sponsor Memo

S1441 (ACTIVE) - Bill Text download pdf

Comments

senate Bill S1441

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Sponsored By

Joseph P. Addabbo Jr

Current Bill Status - In Senate Committee Racing, Gaming And Wagering Committee

Your Voice

Actions

S1441 (ACTIVE) - Details

S1441 (ACTIVE) - Summary

S1441 (ACTIVE) - Sponsor Memo

S1441 (ACTIVE) - Bill Text download pdf

Comments