NYS Senator Eric Adams’ bill S7162 is passed. The legislation affords LLCs that satisfy all conditions applicable to racing corporations the right to conduct pari-mutuel thoroughbred, harness, and quarter horse racing events.
Senator Adams states: “Laws establishing the standards for forming a racing corporation were promulgated in 1940. At that time, LLCs did not exist. However, they have now become a common form of business organization.
“Previous Racing Law did not permit an LLC to hold a racing license, despite the significance of this form of corporate organization in today's business climate. Structuring an LLC limits the liability of the entity’s principals and affords certain tax benefits. My bill simplifies procedures by permitting an LLC to apply for and obtain its own racing license without creating a special corporate subsidiary or holding company.”