|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 12, 2021||referred to racing, gaming and wagering|
senate Bill S1441
Current Bill Status - In Senate Committee Racing, Gaming And Wagering Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1441 (ACTIVE) - Details
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-
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.
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