Bill Text: NY A04645 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to video gaming machines and disposition of revenues.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A04645 Detail]
Download: New_York-2017-A04645-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4645 2017-2018 Regular Sessions IN ASSEMBLY February 3, 2017 ___________ Introduced by M. of A. PRETLOW -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to video gaming machines and disposition of revenues The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Clause (H) of subparagraph (ii) of paragraph 1 of subdivi- 2 sion b of section 1612 of the tax law, as separately amended by section 3 1 of part GG and section 2 of part SS of chapter 60 of the laws of 2016, 4 is amended to read as follows: 5 (H) notwithstanding clauses (A), (B), (C), (D), (E), (F) and (G) of 6 this subparagraph, the track operator of a vendor track and in the case 7 of Aqueduct, the video lottery terminal facility operator, shall be 8 eligible for a vendor's capital award of up to four percent of the total 9 revenue wagered at the vendor track after payout for prizes pursuant to 10 this chapter, which shall be used exclusively for capital project 11 investments to improve the facilities of the vendor track which promote 12 or encourage increased attendance at the video lottery gaming facility 13 including, but not limited to hotels, other lodging facilities, enter- 14 tainment facilities, retail facilities, dining facilities, events 15 arenas, parking garages and other improvements that enhance facility 16 amenities; provided that such capital investments shall be approved by 17 the division, in consultation with the state racing and wagering board, 18 and that such vendor track demonstrates that such capital expenditures 19 will increase patronage at such vendor track's facilities and increase 20 the amount of revenue generated to support state education programs. The 21 annual amount of such vendor's capital awards that a vendor track shall 22 be eligible to receive shall be limited to two million five hundred 23 thousand dollars, except for Aqueduct racetrack, for which there shall 24 be no annual limit, provided, however, that any such capital award for 25 the Aqueduct video lottery terminal facility operator shall be one EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02966-01-7A. 4645 2 1 percent of the total revenue wagered at the video lottery terminal 2 facility after payout for prizes pursuant to this chapter until the 3 earlier of the designation of one thousand video lottery devices as 4 hosted pursuant to paragraph four of subdivision a of section sixteen 5 hundred seventeen-a of this chapter or April first, two thousand nine- 6 teen and shall then be four percent of the total revenue wagered at the 7 video lottery terminal facility after payout for prizes pursuant to this 8 chapter, provided, further, that such capital award shall only be 9 provided pursuant to an agreement with the operator to construct an 10 expansion of the facility, hotel, and convention and exhibition space 11 requiring a minimum capital investment of three hundred million dollars. 12 Except for tracks having less than one thousand [one] nine hundred video 13 gaming machines, and except for a vendor track located west of State 14 Route 14 from Sodus Point to the Pennsylvania border within New York, 15 and except for Aqueduct racetrack each track operator shall be required 16 to co-invest an amount of capital expenditure equal to its cumulative 17 vendor's capital award. For all tracks, except for Aqueduct racetrack, 18 the amount of any vendor's capital award that is not used during any one 19 year period may be carried over into subsequent years ending before 20 April first, two thousand seventeen. Any amount attributable to a capi- 21 tal expenditure approved prior to April first, two thousand seventeen 22 and completed before April first, two thousand nineteen; or approved 23 prior to April first, two thousand twenty-one and completed before April 24 first, two thousand twenty-three for a vendor track located west of 25 State Route 14 from Sodus Point to the Pennsylvania border within New 26 York, shall be eligible to receive the vendor's capital award. In the 27 event that a vendor track's capital expenditures, approved by the divi- 28 sion prior to April first, two thousand seventeen and completed prior to 29 April first, two thousand nineteen, exceed the vendor track's cumulative 30 capital award during the five year period ending April first, two thou- 31 sand seventeen, the vendor shall continue to receive the capital award 32 after April first, two thousand seventeen until such approved capital 33 expenditures are paid to the vendor track subject to any required co-in- 34 vestment. In no event shall any vendor track that receives a vendor fee 35 pursuant to clause (F) or (G) of this subparagraph be eligible for a 36 vendor's capital award under this section. Any operator of a vendor 37 track which has received a vendor's capital award, choosing to divest 38 the capital improvement toward which the award was applied, prior to the 39 full depreciation of the capital improvement in accordance with general- 40 ly accepted accounting principles, shall reimburse the state in amounts 41 equal to the total of any such awards. Any capital award not approved 42 for a capital expenditure at a video lottery gaming facility by April 43 first, two thousand seventeen shall be deposited into the state lottery 44 fund for education aid; and 45 § 2. This act shall take effect immediately.
