S T A T E O F N E W Y O R K
________________________________________________________________________
5940
2025-2026 Regular Sessions
I N A S S E M B L Y
February 25, 2025
___________
Introduced by M. of A. WOERNER -- read once and referred to the Commit-
tee on Racing and Wagering
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.
LBD09414-01-5
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