Bill Text: NY A03464 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to the Catskill regional off-track betting corporation including licensing, vendor fees, distribution of funds, collective bargaining, reporting and site approval.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to racing and wagering [A03464 Detail]

Download: New_York-2021-A03464-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3464

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    January 26, 2021
                                       ___________

        Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
          tee on Racing and Wagering

        AN ACT to amend the tax law and the  racing,  pari-mutuel  wagering  and
          breeding  law,  in relation to the Catskill regional off-track betting
          corporation; and repealing certain provisions of the racing,  pari-mu-
          tuel wagering and breeding law relating thereto

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph 1 of subdivision a of section 1617-a of  the  tax
     2  law,  as  amended  by  section 1 of part SS of chapter 60 of the laws of
     3  2016, is amended to read as follows:
     4    (1) Aqueduct, [Monticello,] Yonkers, Finger Lakes,  and  Vernon  Downs
     5  racetracks;
     6    §  2. Paragraphs 3 and 4 of subdivision a of section 1617-a of the tax
     7  law, as added by section 1 of part SS of chapter 60 of the laws of 2016,
     8  are amended and a new paragraph 8 is added to read as follows:
     9    (3) a maximum of two  facilities,  which  shall  be  vendors  for  all
    10  purposes  under  this  article,  neither  to  exceed  one thousand video
    11  lottery gaming devices, established within region three of zone  one  as
    12  defined  by  section one thousand three hundred ten of the racing, pari-
    13  mutuel wagering and breeding law, one each  operated  by  a  corporation
    14  established pursuant to section five hundred two of the racing, pari-mu-
    15  tuel  wagering  and  breeding  law  in the Suffolk region and the Nassau
    16  region to be located within a facility authorized pursuant  to  sections
    17  one  thousand  eight  or  one  thousand  nine of the racing, pari-mutuel
    18  wagering and breeding law; [and]
    19    (4) Aqueduct racetrack, within the lottery terminal facility, pursuant
    20  to an agreement between the corporation established pursuant to  section
    21  five hundred two of the racing, pari-mutuel wagering and breeding law in
    22  the  Nassau  region and the operator of video lottery gaming at Aqueduct
    23  racetrack, when such agreement is approved by the gaming commission  and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07788-01-1
        A. 3464                             2

     1  as long as such agreement is in place, and when such agreement is accom-
     2  panied  by  a  detailed  spending  plan  for the corporation established
     3  pursuant to section five hundred two of the racing, pari-mutuel wagering
     4  and  breeding  law  in  the Nassau region, which includes a plan for the
     5  timely payment of liabilities due to  the  franchised  corporation,  and
     6  when  such  video  lottery  devices  are hosted by the operator of video
     7  lottery gaming at Aqueduct racetrack on behalf of the corporation estab-
     8  lished pursuant to section five hundred two of the  racing,  pari-mutuel
     9  wagering  and  breeding law in the Nassau region in lieu of the develop-
    10  ment of a facility in Nassau county as authorized by paragraph three  of
    11  this  subdivision  [a  of  this  section]. Such agreement reached by the
    12  parties shall identify the agency principally responsible  for  funding,
    13  approving  or  undertaking  any  actions  of such agreement.   Provided,
    14  however, nothing in this paragraph shall infringe upon the rights of the
    15  corporation established pursuant to section  five  hundred  two  of  the
    16  racing,  pari-mutuel  wagering  and breeding law in the Nassau region to
    17  develop a facility pursuant to paragraph three of this subdivision  upon
    18  the expiration, termination, or withdrawal of such agreement[.]; and
    19    (8)  a  maximum  of  three  facilities, which shall be vendors for all
    20  purposes under this article, with a total of one  thousand  one  hundred
    21  ten  video  lottery  gaming  devices  in  the county of Broome, Chemung,
    22  Chenango, Delaware, Orange,  Rockland,  Dutchess,  Tompkins,  Putnam  or
    23  Ulster  and  to  be  operated  by  a corporation established pursuant to
    24  section five hundred two of the racing, pari-mutuel wagering and  breed-
    25  ing  law,  and  located within a facility authorized pursuant to section
    26  one thousand eight or one  thousand  nine  of  the  racing,  pari-mutuel
    27  wagering and breeding law.
    28    §  3.  Paragraph 2 of subdivision b of section 1612 of the tax law, as
    29  amended by section 2 of part S of chapter 39 of the  laws  of  2019,  is
    30  amended to read as follows:
    31    2. As consideration for the operation of a video lottery gaming facil-
    32  ity,  the division, shall cause the investment in the racing industry of
    33  a portion of the vendor fee received pursuant to paragraph one  of  this
    34  subdivision  in  the  manner  set  forth in this subdivision.   With the
    35  exception of Aqueduct racetrack, a video lottery gaming facility author-
    36  ized pursuant to paragraph five of  subdivision  a  of  section  sixteen
    37  hundred  seventeen-a  of  this  article  or  a facility in the county of
    38  Nassau or Suffolk operated by  a  corporation  established  pursuant  to
    39  section  five hundred two of the racing, pari-mutuel wagering and breed-
    40  ing law, each such track shall dedicate a portion of  its  vendor  fees,
    41  received  pursuant  to  clause  (A),  (B),  (B-1), (B-2), (C), or (D) of
    42  subparagraph (ii) of paragraph one of this subdivision, for the  purpose
    43  of  enhancing  purses  at  such  track,  in an amount equal to eight and
    44  three-quarters percent of the total revenue wagered at the vendor  track
    45  after pay out for prizes. Any video lottery gaming facility in the Cats-
    46  kill  region,  as  defined  in  section  five  hundred   nineteen of the
    47  racing, pari-mutuel wagering and breeding law and to be  operated  by  a
    48  corporation  established  pursuant  to  section  five hundred two of the
    49  racing,  pari-mutuel wagering and breeding law, shall dedicate a portion
    50  of its vendor fee for the purpose  of  enhancing  purses  at  Monticello
    51  racetrack  in an amount equal to eight and three-quarters percent of the
    52  total revenue wagered at the facility after  pay  out  for  prizes.  One
    53  percent  of  the  gross  purse  enhancement  amount, as required by this
    54  subdivision, shall be paid to the gaming commission to  be  used  exclu-
    55  sively  to  promote and ensure equine health and safety in New York. Any
    56  portion of such funding to the gaming commission unused during a  fiscal
        A. 3464                             3

     1  year  shall  be  returned to the video lottery gaming operators on a pro
     2  rata basis in accordance with the amounts originally contributed by each
     3  operator and shall be used for the purpose of enhancing purses  at  such
     4  track. One and one-half percent of the gross purse enhancement amount at
     5  a  thoroughbred track, as required by this subdivision, shall be paid to
     6  an account established pursuant to section two hundred  twenty-one-a  of
     7  the racing, pari-mutuel wagering and breeding law to be used exclusively
     8  to provide health insurance for jockeys. In addition, with the exception
     9  of Aqueduct racetrack, a video lottery gaming facility authorized pursu-
    10  ant to paragraph five of subdivision a of section sixteen hundred seven-
    11  teen-a  of this article or a facility in the county of Nassau or Suffolk
    12  operated by a corporation established pursuant to section  five  hundred
    13  two  of  the racing, pari-mutuel wagering and breeding law, one and one-
    14  quarter percent of total revenue wagered at the vendor track  after  pay
    15  out for prizes, received pursuant to clause (A), (B), (B-1), (B-2), (C),
    16  or  (D) of subparagraph (ii) of paragraph one of this subdivision, shall
    17  be distributed to the appropriate breeding fund for the manner of racing
    18  conducted by such track.
    19    Provided, further, that as additional consideration for the  operation
    20  of video lottery gaming facilities, the Catskill regional off-track-bet-
    21  ting  corporation shall maintain the same number of race dates at Monti-
    22  cello racetrack being conducted at the time it  receives  a  license  to
    23  conduct harness race meetings at such racetrack.
    24    Provided,  further,  that nothing in this paragraph shall prevent each
    25  track from entering into an agreement, not to exceed  five  years,  with
    26  the  organization  authorized  to  represent its horsemen to increase or
    27  decrease the portion of its vendor fee dedicated to enhancing purses  at
    28  such  track  during the years of participation by such track, or to race
    29  fewer dates than required herein.
    30    § 4. Section 1612 of the tax law is amended by adding a  new  subdivi-
    31  sion i to read as follows:
    32    i.  As  consideration for operation of a video lottery gaming facility
    33  located in the county of Broome, Chemung,  Chenango,  Delaware,  Orange,
    34  Rockland,  Dutchess,  Tompkins,  Putnam,  or  Ulster,  and operated by a
    35  corporation established pursuant to section  five  hundred  two  of  the
    36  racing,  pari-mutuel wagering and breeding law, the division shall cause
    37  the vendor's fee to be distributed as  follows  after  the  pay  out  of
    38  racing  support payments: (1) twenty percent shall be transferred to the
    39  county in which the vendor facility is located; and  (2)  the  remainder
    40  shall  be  used  for payment of the costs of the corporation's functions
    41  pursuant to section five hundred  sixteen  of  the  racing,  pari-mutuel
    42  wagering  and  breeding law, and the net revenue remaining after payment
    43  of such costs shall be divided among the participating  counties  listed
    44  in  this  paragraph on the basis of population as defined in paragraph b
    45  of subdivision two of section five hundred sixteen of the racing,  pari-
    46  mutuel wagering and breeding law.
    47    §  5. Section 301 of the racing, pari-mutuel wagering and breeding law
    48  is amended by adding a new subdivision 6 to read as follows:
    49    6. The board shall have the power to issue licenses  to  the  Catskill
    50  regional off-track betting corporation or to a subsidiary of said corpo-
    51  ration for the purpose of conducting harness race meetings at Monticello
    52  racetrack  and to make capital improvements to said track, provided that
    53  such corporation  meets  the  terms  and  conditions  for  licensure  as
    54  provided under this article.  Notwithstanding the provisions of articles
    55  five  and five-a of this chapter, said corporation shall be deemed to be
    56  a harness  racing  corporation  with  respect  to  pari-mutuel  wagering
        A. 3464                             4

     1  conducted at said track pursuant to this chapter, except that net reven-
     2  ues  derived  from  such pari-mutuel wagering shall be distributed among
     3  the counties that participate in such corporation on the basis of  popu-
     4  lation,  as defined as the total population in each participating county
     5  shown by the latest preceding decennial federal census of  the  calendar
     6  year in which such distribution is to be made.
     7    §  6.  The  opening  paragraph  of subdivision 1 of section 527 of the
     8  racing, pari-mutuel wagering and breeding law, as amended by chapter 243
     9  of the laws of 2020, is amended to read as follows:
    10    The disposition of the retained commission from pools  resulting  from
    11  regular,  multiple or exotic bets, as the case may be, whether placed on
    12  races run within a region or  outside  a  region,  conducted  by  racing
    13  corporations, harness racing associations or corporations, quarter horse
    14  racing associations or corporations or races run outside the state shall
    15  be governed by the tables in paragraphs a and b of this subdivision. The
    16  rate  denominated  "state  tax" shall represent the rate of a reasonable
    17  tax imposed upon the retained commission for the privilege of conducting
    18  off-track pari-mutuel betting, which tax is hereby levied and  shall  be
    19  payable  in the manner set forth in this section. Each off-track betting
    20  corporation shall pay to the commission as a regulatory fee,  which  fee
    21  is  hereby levied, six-tenths of one percent of the total daily pools of
    22  such corporation. Each corporation shall also pay twenty percent of  the
    23  breaks  derived  from  bets  on  harness  races and fifty percent of the
    24  breaks derived from bets on all other races to the agriculture  and  New
    25  York  State  horse breeding and development fund and to the thoroughbred
    26  breeding and development fund, the total of such payments to  be  appor-
    27  tioned  fifty  percent  to  each  such  fund.  For  the purposes of this
    28  section, the New York city, Suffolk, Nassau, and  the  Catskill  regions
    29  shall  constitute  a  single  region  and any thoroughbred track located
    30  within the Capital District region shall be deemed  to  be  within  such
    31  single  region.  A  "regional  meeting" shall refer to either harness or
    32  thoroughbred meetings, or both, except  that  a  franchised  corporation
    33  shall not be a regional track for the purpose of receiving distributions
    34  from bets on thoroughbred races conducted by a thoroughbred track in the
    35  Catskill  region  conducting  a  mixed  meeting. With the exception of a
    36  harness racing association or  corporation  first  licensed  to  conduct
    37  pari-mutuel  wagering at a track located in Tioga, Saratoga, Sullivan or
    38  Westchester county after January first, two thousand five, racing corpo-
    39  rations first licensed  to  conduct  pari-mutuel  racing  after  January
    40  first,  nineteen  hundred  eighty-six or a harness racing association or
    41  corporation first licensed to conduct pari-mutuel wagering  at  a  track
    42  located  in  Genesee  County after January first, two thousand five, and
    43  quarter horse tracks shall not be "regional tracks"; if  there  is  more
    44  than  one harness track within a region, such tracks shall evenly divide
    45  payments made pursuant to the tables in  paragraphs  a  and  b  of  this
    46  subdivision  when  neither track is running. In the event a track elects
    47  to reduce its retained percentage from any or  all  of  its  pari-mutuel
    48  pools, the payments to the track holding the race and the regional track
    49  required  by  paragraphs a and b of this subdivision shall be reduced in
    50  proportion to such reduction. Nothing in this section shall be construed
    51  to authorize the conduct of off-track betting contrary to the provisions
    52  of section five hundred twenty-three of this article.
    53    § 7. Section 509-a of the racing, pari-mutuel  wagering  and  breeding
    54  law,  as added by chapter 681 of the laws of 1989, the opening paragraph
    55  as amended by chapter 346 of the laws of 1990, is  amended  to  read  as
    56  follows:
        A. 3464                             5

     1    §  509-a.  Capital acquisition fund. 1. The corporation may create and
     2  establish a capital acquisition fund for the purpose  of  financing  the
     3  acquisition,  construction  or equipping of offices, facilities or prem-
     4  ises of the corporation. Such capital acquisition fund shall consist  of
     5  (i)  the  amounts  specified  pursuant to subdivision three-a of section
     6  five hundred thirty-two of this chapter; and (ii) contributions from the
     7  corporation's pari-mutuel wagering pools, subject to the following limi-
     8  tations:
     9    [(1)] a. no contribution shall exceed the amount of one percent of the
    10  total pari-mutuel wagering pools for the quarter in which  the  contrib-
    11  ution is made;
    12    [(2)]  b.  no  contribution  shall  reduce the amount of quarterly net
    13  revenues, exclusive of surcharge revenues, to an amount less than  fifty
    14  percent of such net revenues; and
    15    [(3)]  c.  the  balance of the fund shall not exceed the lesser of one
    16  percent of total pari-mutuel wagering  pools  for  the  previous  twelve
    17  months  or the undepreciated value of the corporation's offices, facili-
    18  ties and premises.
    19    2. Notwithstanding any other provision of law  or  regulation  to  the
    20  contrary,  funds in the Catskill off-track betting corporation's capital
    21  acquisition fund established pursuant to this section shall be available
    22  to the Catskill off-track betting  corporation  for  corporate  purposes
    23  pursuant to this section until the fund has been exhausted.
    24    §  8. Subdivision 2 of section 529 of the racing, pari-mutuel wagering
    25  and breeding law, as amended by chapter 243 of  the  laws  of  2020,  is
    26  amended to read as follows:
    27    2.  [Ninety-five  percent  of  the  balance  of such account remaining
    28  unclaimed as of the last day of February of such year shall be  paid  to
    29  the  department of taxation and finance by March fifteenth. On or before
    30  April tenth of each year the balance  of  such  account  and  any  other
    31  unclaimed amounts received in the course of conducting off-track betting
    32  shall  be  paid  by  such  corporation to the department of taxation and
    33  finance. A penalty of five percent and  interest  at  the  rate  of  one
    34  percent  per  month  from  the  due  date  to the date of payment of the
    35  unclaimed balance due March fifteenth or April tenth, as  the  case  may
    36  be,  shall  be  payable  in case such balance is not paid when due. Such
    37  amounts, interest and penalties when  collected  by  the  department  of
    38  taxation  and  finance  shall  be deposited into the general fund of the
    39  state treasury] The balance of such account remaining  unclaimed  as  of
    40  April  first  of  such  year shall be transferred to the regional corpo-
    41  ration's operating account and may be used for any corporate purposes.
    42    § 9. Clause (E) of subparagraph 5 of paragraph b of subdivision  1  of
    43  section  1016  of  the  racing, pari-mutuel wagering and breeding law is
    44  REPEALED and clause (F) is relettered clause (E).
    45    § 10. Clause (F) of subparagraph 6 of paragraph b of subdivision 1  of
    46  section  1016  of  the  racing, pari-mutuel wagering and breeding law is
    47  REPEALED and clause (G) is relettered clause (F).
    48    § 11. Subdivision 2 of section 1017 of the racing, pari-mutuel  wager-
    49  ing and breeding law is REPEALED.
    50    § 12. Subdivision 1 of section 519 of the racing, pari-mutuel wagering
    51  and  breeding  law, paragraph e as amended by chapter 260 of the laws of
    52  1987, paragraphs f, g and h as amended by chapter 125  of  the  laws  of
    53  1997, is amended to read as follows:
    54    1.  "Region."  One or more of the following named regions comprised of
    55  the counties indicated:
    56    a. Suffolk: Suffolk county;
        A. 3464                             6

     1    b. Nassau: Nassau county;
     2    c. [New York city: the five counties comprising the city of New York;
     3    d.]  Catskill:  Broome, Chemung, Chenango, Delaware, Orange, Rockland,
     4  Sullivan, Tioga, Dutchess,  Tompkins,  Westchester,  Putnam  and  Ulster
     5  counties;
     6    [e.]  d. Capital District: Albany, Clinton, Columbia, Cortland, Essex,
     7  Franklin, Fulton, Greene, Hamilton, Herkimer, Madison, Montgomery, Onei-
     8  da, Otsego, Rensselaer, Saratoga, Schenectady, Schoharie, St.  Lawrence,
     9  Warren and Washington counties;
    10    [f.] e. Central: Lewis and Onondaga counties;
    11    [g.]  f.  Western:  Allegany,  Cattaraugus,  Cayuga, Chautauqua, Erie,
    12  Genesee, Jefferson, Livingston, Monroe, Niagara, Ontario, Orleans, Oswe-
    13  go, Schuyler, Seneca, Steuben, Wayne, Wyoming and Yates counties;
    14    [h.] g. Notwithstanding the other provisions of this subdivision, when
    15  and if the Central regional  off-track  betting  corporation  is  estab-
    16  lished,  it  shall  include, in addition to the counties listed in para-
    17  graph [f] e of this subdivision, the following: Cayuga, Chenango,  Cort-
    18  land, Franklin, Herkimer, Jefferson, Madison, Oneida, Oswego, Otsego and
    19  Tompkins counties.
    20    §  13. The racing, pari-mutuel wagering and breeding law is amended by
    21  adding four new sections 517-a,  517-b,  517-c  and  517-d  to  read  as
    22  follows:
    23    § 517-a. Catskill off-track betting corporation site approval.  1. The
    24  purchase  or  lease of any property to be used in whole or in part as an
    25  off-track betting facility by the Catskill off-track betting corporation
    26  in the city of New York shall be conditioned  on  the  approval  of  the
    27  mayor  of  the  city  of  New  York; and with respect to a branch office
    28  located wholly or partly within a borough of the  city,  approval  shall
    29  also be required by such borough president or their designee.  The mayor
    30  or borough president's failure to act within thirty days of notification
    31  in  writing  of  a  proposed site shall be deemed to be approval of such
    32  site.
    33    2. Notwithstanding subdivision one of this section,  the  purchase  or
    34  lease  of  any  property  to be used in whole or in part as an off-track
    35  betting facility by the Catskill off-track betting  corporation  in  the
    36  city  of New York which includes or is located within a five mile radius
    37  of a site that was approved prior to December sixth,  two  thousand  ten
    38  shall not require approval of the mayor or borough president.
    39    §  517-b.  Catskill off-track betting corporation; collective bargain-
    40  ing. Notwithstanding any other provisions of law, rule, or regulation to
    41  the contrary, to the extent that Catskill off-track betting opens facil-
    42  ities within one of the boroughs of the city of New York  to  engage  in
    43  off-track  betting  or the support staff thereof, such corporation shall
    44  recognize the collective bargaining representative of the  employees  of
    45  the  New  York  city off-track betting corporation as of December sixth,
    46  two thousand ten, and shall abide by agreements negotiated between  such
    47  representative  and  Catskill  off-track  betting  corporation.  Nothing
    48  contained in this section shall be construed to diminish the  rights  of
    49  employees  pursuant  to  paragraph (e) of subdivision one of section two
    50  hundred nine-a of the civil service law.
    51    § 517-c. Catskill off-track  betting  corporation;  reporting.  On  or
    52  before  December  thirty-first, two thousand nineteen, the Catskill off-
    53  track betting corporation  shall  submit  to  the  commission  a  report
    54  setting  forth:  1.  the corporation's operations and accomplishments to
    55  date; 2.  the corporation's receipts and expenditures in accordance with
    56  categories or classifications established by the corporation for its own
        A. 3464                             7

     1  operating and capital outlay purposes; 3. the corporation's  assets  and
     2  liabilities  at  the  time  of  such report, including a schedule of its
     3  bonds, notes, or other obligations and the status of reserves,  depreci-
     4  ations,  special,  sinking,  or other funds; and 4. identities of branch
     5  offices being planned or in the process of being constructed  or  other-
     6  wise established and branch offices that have been constructed or estab-
     7  lished.
     8    §  517-d.  Debts  of  previously  established off-track betting corpo-
     9  rations. Notwithstanding any other provisions of  law,  rule,  or  regu-
    10  lation  to  the contrary, the debts and obligations of the New York city
    11  off-track betting corporation shall not transfer by operation of law  or
    12  otherwise to the Catskill off-track betting corporation.
    13    §  14.  Subdivisions 3 and 7 of section 532 of the racing, pari-mutuel
    14  wagering and breeding law, subdivision 3 as amended by  chapter  243  of
    15  the  laws  of 2020 and subdivision 7 as added by chapter 115 of the laws
    16  of 2008, are amended to read as follows:
    17    3. The revenues received from any surcharge imposed by subdivision one
    18  of this section, plus the  breaks,  shall  be  distributed  monthly,  as
    19  follows:
    20    a.  fifty  percent  shall  be retained by the regional corporation and
    21  twenty-five percent to such city, or to the counties and cities entitled
    22  to receive revenues from the regional corporation  pursuant  to  section
    23  five  hundred  sixteen  of  this  chapter  and in the same proportion as
    24  provided therein, or to an off-track betting operator; and
    25    b. the balance as follows:
    26    (i) where the track conducting the race on which the bet was placed is
    27  located within a city with a population in excess of one  hundred  thou-
    28  sand, but less than one million, to such city;
    29    (ii)  where  the track conducting the race on which the bet was placed
    30  is not located within a city with a population in excess of one  hundred
    31  thousand, to the county in which such track is located;
    32    (iii)  where the track conducting the race on which the bet was placed
    33  is located partially within a city with a population in  excess  of  one
    34  million  and  partially  within  a  county, [twenty-five percent of such
    35  balance to the city and the remainder] to the county;
    36    (iv) where the track conducting the race on which the bet  was  placed
    37  is  located  outside the state, in the same manner as described in para-
    38  graph a of this subdivision;
    39    (v) where the track conducting the race is located in  a  thoroughbred
    40  special  betting  district  and  is simulcasting pursuant to section one
    41  thousand eight of this chapter outside such  special  betting  district,
    42  ninety  percent to the off-track betting operator and ten percent to the
    43  county in which such track is located; and
    44    (vi) for the period of September first, two thousand  seventeen  until
    45  August  thirty-first,  two  thousand  twenty-two  and  where  the  track
    46  conducting the race on which the bet  was  placed  is  a  harness  track
    47  located in the county of Erie, to such track.
    48    7.  Notwithstanding  any other provision of this section, any payments
    49  otherwise payable to a city with a population of one  million  or  more,
    50  [pursuant  to  this  section,  other than payments] pursuant to subpara-
    51  graphs (i) and (iii)  of  paragraph  b  of  subdivision  three  of  this
    52  section,  shall be payable to the corporation and shall be available for
    53  its corporate purposes, and may be distributed as net  revenue  pursuant
    54  to section five hundred sixteen of this chapter.
    55    §  15.  This act shall take effect on the thirtieth day after it shall
    56  have become a law.