Bill Text: NY A01491 | 2015-2016 | General Assembly | Amended
Bill Title: Provides for funding for a sound basic education; directs that a percentage of payments under articles five and ten of the racing, pari-mutuel wagering and breeding law made by off-track betting corporations shall be transferred to the state comptroller for deposit in the sound basic education fund.
Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: (Introduced - Dead) 0000-00-00 - [A01491 Detail]
Download: New_York-2015-A01491-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1491 2015-2016 Regular Sessions IN ASSEMBLY January 12, 2015 ___________ Introduced by M. of A. WRIGHT, CYMBROWITZ, MARKEY -- Multi-Sponsored by -- M. of A. CURRAN, GOTTFRIED, LENTOL, PEOPLES-STOKES -- read once and referred to the Committee on Racing and Wagering AN ACT to amend the racing, pari-mutuel wagering and breeding law and the tax law, in relation to funding for a sound basic education The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Legislative intent. The state of New York has an obligation 2 under its constitution to provide its children with a sound basic educa- 3 tion as recently and explicitly expressed in the Court of Appeals deci- 4 sion in Campaign for Fiscal Equity v. State. In order to comply with 5 such holding and constitutional duty, the legislature hereby finds that 6 new and continuing funding streams are necessary to meet such duty. The 7 legislature further finds that the existing and primary funding mech- 8 anism for education in this state, the real property tax, has histor- 9 ically been imposed by local governments and state support for education 10 should and is intended to rectify uneven revenue yields from that source 11 of revenue due to local prevailing market forces. 12 Supplementing the local property tax is necessary to assure that chil- 13 dren residing in areas of high need for educational services that also 14 have a small tax base can receive the same fiscal resources that more 15 fortunate areas of the state utilize to educate our children. Each child 16 is entitled to substantially similar resources. To achieve this end in a 17 manner that will not unnecessarily displace or reduce the support for 18 other vulnerable populations, the legislature hereby finds that licen- 19 sees of the newly created video lottery terminals, the division of the 20 lottery and other such beneficiaries will be receiving a substantial new 21 form of revenue due to recently enacted legislation and can absorb a 22 reduction in income from other sources at this time. The reductions and 23 transfers in this act will provide for a continuing and substantial EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04790-01-5
