|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 07, 2022||referred to racing, gaming and wagering|
senate Bill S8485
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
S8485 (ACTIVE) - Details
S8485 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8485 SPONSOR: JACKSON TITLE OF BILL: 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 para- graph b of subdivision 1 of section 1355 of the racing, pari-mutuel wagering and breeding law relating thereto PURPOSE: This legislation will end racing subsidies in New York State and invest the revenue generated from video lottery gaming facilities at racetracks to education and communities throughout the state. SUMMARY OF PROVISIONS: Section 1 amends subdivision f of Section 1612 of the Tax Law to include depositing funds for educational purposes.
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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