Bill Text: NY A04787 | 2023-2024 | General Assembly | Introduced

---

Bill Title: Relates to the transferring of monies held in the non-escrowed account for payment of outstanding winning tickets and for payment of refunds to ticket holders; any amount that remains unclaimed after April first of each year shall be transferred to the regional corporation's operating account.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to racing and wagering [A04787 Detail]

Download: New_York-2023-A04787-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          4787

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 23, 2023
                                       ___________

        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  the  transferring  of  monies  held  in the non-escrowed
          account for payment of outstanding winning tickets and for payment  of
          refunds  to  ticket  holders;  and to repeal certain provisions of the
          racing, pari-mutuel 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.  Subdivision  2  of section 529 of the racing, pari-mutuel
     2  wagering and breeding law, as amended by chapter  243  of  the  laws  of
     3  2020, is amended to read as follows:
     4    2.  [Ninety-five  percent  of  the  balance  of such account remaining
     5  unclaimed as of the last day of February of such year shall be  paid  to
     6  the  department of taxation and finance by March fifteenth. On or before
     7  April tenth of each year the balance  of  such  account  and  any  other
     8  unclaimed amounts received in the course of conducting off-track betting
     9  shall  be  paid  by  such  corporation to the department of taxation and
    10  finance. A penalty of five percent and  interest  at  the  rate  of  one
    11  percent  per  month  from  the  due  date  to the date of payment of the
    12  unclaimed balance due March fifteenth or April tenth, as  the  case  may
    13  be,  shall  be  payable  in case such balance is not paid when due. Such
    14  amounts, interest and penalties when  collected  by  the  department  of
    15  taxation  and  finance  shall  be deposited into the general fund of the
    16  state treasury.] The balance of such account remaining unclaimed  as  of
    17  April  first  of  such  year shall be transferred to the regional corpo-
    18  ration's operating account and may be used for any corporate purposes.
    19    § 2. Clause (E) of subparagraph 5 of paragraph b of subdivision  1  of
    20  section  1016  of  the  racing, pari-mutuel wagering and breeding law is
    21  REPEALED and clause (F) is relettered clause (E).

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09496-01-3
        A. 4787                             2

     1    § 3. Clause (F) of subparagraph 6 of paragraph b of subdivision  1  of
     2  section  1016  of  the  racing, pari-mutuel wagering and breeding law is
     3  REPEALED and clause (G) is relettered clause (F).
     4    § 4. Subdivision 2 of section 1017 of the racing, pari-mutuel wagering
     5  and breeding law is REPEALED.
     6    §  5.  This  act shall take effect on the thirtieth day after it shall
     7  have become a law.