Bill Text: NY A05445 | 2021-2022 | General Assembly | Introduced
Bill Title: Provides that by the last day of the first month following the end of each fiscal quarter, the relevant horsemen and breeders organizations shall provide the licensee with a calculation of the support payment owed by the licensee; makes related provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-05 - referred to racing and wagering [A05445 Detail]
Download: New_York-2021-A05445-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5445 2021-2022 Regular Sessions IN ASSEMBLY February 16, 2021 ___________ Introduced by M. of A. WOERNER -- 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 racing support payments The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 1355 of the racing, pari-mutuel wagering and breed- 2 ing law is amended by adding a new subdivision 3 to read as follows: 3 3. (a) By the last day of the first month following the end of each 4 fiscal quarter, the relevant horsemen and breeders organizations shall 5 provide the licensee with a calculation of the support payment owed by 6 the licensee pursuant to paragraph (a) of subdivision two of this 7 section, with respect to such fiscal quarter; provided, however, with 8 respect to the support payment for the fourth fiscal quarter, the rele- 9 vant horsemen and breeders organizations are not required to provide 10 such calculation earlier than five business days after the average annu- 11 al change has been published for the applicable year. When providing its 12 calculation of any support payment to the licensee, the relevant horse- 13 men and breeders organizations shall also simultaneously provide to the 14 licensee reasonable detail supporting such calculation. 15 (b) Within fifteen business days after the later of: (i) receiving the 16 relevant horsemen and breeders organizations' calculation with respect 17 to any support payment and (ii) the last day of the first month follow- 18 ing the end of each fiscal quarter, the licensee shall deposit such 19 support amount into an escrow account established by the commission in a 20 bank or trust company doing business in this state. If the licensee 21 agrees with any such calculation, such funds deposited into the escrow 22 account shall be immediately transferred by the commission to the purse 23 account. If the licensee disputes the calculation of any support payment 24 provided by the relevant horsemen and breeders organizations, then 25 representatives of the licensee and the relevant horsemen and breeders 26 organizations may make a demand for expedited arbitration by the commis- 27 sion. 28 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03060-03-1
