Bill Text: NY A02180 | 2021-2022 | General Assembly | Introduced

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Bill Title: Allows off-track betting corporations to set up special reserve funds to use as an alternative to current capital acquisition funds.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to racing and wagering [A02180 Detail]

Download: New_York-2021-A02180-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2180

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    January 14, 2021
                                       ___________

        Introduced  by M. of A. PRETLOW -- 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:

     1    Section  1.  The  racing,  pari-mutuel  wagering  and  breeding law is
     2  amended by adding a new section 509-b to read as follows:
     3    § 509-b. Special reserve fund. The corporation may create  and  estab-
     4  lish  a  special  reserve  fund  for the purpose of making any statutory
     5  payments to any New York state entity  as  required  by  law,  including
     6  payments  to  New  York  state  tracks.  Such special reserve fund shall
     7  consist of the amounts specified  pursuant  to  subdivision  three-a  of
     8  section  five  hundred  thirty-two  of this chapter. No such one percent
     9  contribution may be made to the special reserve fund if such one percent
    10  contribution is made to the capital acquisition fund under section  five
    11  hundred  nine-a  of  this article.   If such one percent contribution is
    12  made to the special reserve fund:
    13    1. such contribution shall not exceed the amount of one percent of the
    14  total pari-mutuel wagering pools for the quarter in which such  contrib-
    15  ution is made;
    16    2.  such  contribution  shall  not  reduce the amount of quarterly net
    17  revenues, exclusive of surcharge revenues, to an amount less than  fifty
    18  percent of such net revenues; and
    19    3. the balance of such fund shall not exceed the lesser of one percent
    20  of  total  pari-mutuel wagering pools for the previous twelve months, or
    21  the undepreciated value of the corporation's  offices,  facilities,  and
    22  premises.
    23    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05841-01-1