Bill Text: NY A08732 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to franchised corporations remitting to the state each year a franchise payment which shall be calculated and equal to the lesser of the adjusted net income or operating cash.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-05-08 - enacting clause stricken [A08732 Detail]

Download: New_York-2017-A08732-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8732
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    October 20, 2017
                                       ___________
        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 calculating franchise fees
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 1 of section 208  of  the  racing,  pari-mutuel
     2  wagering  and  breeding  law,  as  amended by chapter 140 of the laws of
     3  2008, is amended to read as follows:
     4    1. In consideration of the franchise and in accordance with its  fran-
     5  chise  agreement,  the  franchised corporation shall remit to the state,
     6  each year, no later than April fifth, a franchise fee payment. The fran-
     7  chise fee shall be calculated and equal to the lesser of  paragraph  (a)
     8  or  (b) of this subdivision as follows: (a) adjusted net income, includ-
     9  ing all sources of audited generally accepted accounting principles  net
    10  income  as  of December thirty-first (i) plus the amount of depreciation
    11  and amortization for such year as set forth on  the  statement  of  cash
    12  flows  (ii)  less  the amount received by the franchised corporation for
    13  capital expenditures and (iii) less  principal  payments  made  for  the
    14  repayment of debt; or (b) operating cash which is defined as cash avail-
    15  able  on  December  thirty-first  (i) which excludes all restricted cash
    16  accounts, segregated accounts as per audited  financial  statements  and
    17  cash  on hand needed to fund the on-track pari-mutuel operations through
    18  the vault, (ii) less [forty-five] three hundred sixty-five days of oper-
    19  ating expenses pursuant  to  generally  accepted  accounting  principles
    20  which  shall  be  an  average  calculated by dividing the current year's
    21  annual budget by the number of days in such year  and  multiplying  that
    22  number by [forty-five] three hundred sixty-five.
    23    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13581-01-7