Bill Text: NY A05983 | 2017-2018 | General Assembly | Amended
Bill Title: Relates to video gaming machines and disposition of revenues.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-06-21 - substituted by s4068a [A05983 Detail]
Download: New_York-2017-A05983-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5983--A 2017-2018 Regular Sessions IN ASSEMBLY February 21, 2017 ___________ Introduced by M. of A. WOERNER -- read once and referred to the Commit- tee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 amended by section 1 of part 3 QQ of chapter 59 of the laws of 2017, is amended to read as follows: 4 (H) notwithstanding clauses (A), (B), (C), (D), (E), (F) and (G) of 5 this subparagraph, the track operator of a vendor track and in the case 6 of Aqueduct, the video lottery terminal facility operator, shall be 7 eligible for a vendor's capital award of up to four percent of the total 8 revenue wagered at the vendor track after payout for prizes pursuant to 9 this chapter, which shall be used exclusively for capital project 10 investments to improve the facilities of the vendor track which promote 11 or encourage increased attendance at the video lottery gaming facility 12 including, but not limited to hotels, other lodging facilities, enter- 13 tainment facilities, retail facilities, dining facilities, events 14 arenas, parking garages and other improvements that enhance facility 15 amenities; provided that such capital investments shall be approved by 16 the division, in consultation with the [state racing and wagering board] 17 gaming commission, and that such vendor track demonstrates that such 18 capital expenditures will increase patronage at such vendor track's 19 facilities and increase the amount of revenue generated to support state 20 education programs. The annual amount of such vendor's capital awards 21 that a vendor track shall be eligible to receive shall be limited to two 22 million five hundred thousand dollars, except for Aqueduct racetrack, 23 for which there shall be no annual limit, provided, however, that any 24 such capital award for the Aqueduct video lottery terminal facility EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02966-03-7A. 5983--A 2 1 operator shall be one percent of the total revenue wagered at the video 2 lottery terminal facility after payout for prizes pursuant to this chap- 3 ter until the earlier of the designation of one thousand video lottery 4 devices as hosted pursuant to paragraph four of subdivision a of section 5 sixteen hundred seventeen-a of this chapter or April first, two thousand 6 nineteen and shall then be four percent of the total revenue wagered at 7 the video lottery terminal facility after payout for prizes pursuant to 8 this 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 eighteen. Any amount attributable to a capital 21 expenditure approved prior to April first, two thousand eighteen and 22 completed before April first, two thousand twenty; or approved prior to 23 April first, two thousand twenty-two and completed before April first, 24 two thousand twenty-four for a vendor track located west of State Route 25 14 from Sodus Point to the Pennsylvania border within New York, shall be 26 eligible to receive the vendor's capital award. In the event that a 27 vendor track's capital expenditures, approved by the [division] gaming 28 commission prior to April first, two thousand eighteen and completed 29 prior to April first, two thousand twenty, exceed the vendor track's 30 cumulative capital award during the five year period ending April first, 31 two thousand eighteen, the vendor shall continue to receive the capital 32 award after April first, two thousand eighteen until such approved capi- 33 tal expenditures are paid to the vendor track subject to any required 34 co-investment. In no event shall any vendor track that receives a vendor 35 fee 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 eighteen shall be deposited into the state lottery 44 fund for education aid; and 45 § 2. This act shall take effect immediately.
