Bill Text: NY S01441 | 2021-2022 | General Assembly | Introduced

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Bill Title: Allows off-track betting corporations to set up special reserve funds to use as an alternative to current capital acquisition funds.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2022-01-05 - REFERRED TO RACING, GAMING AND WAGERING [S01441 Detail]

Download: New_York-2021-S01441-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1441

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 12, 2021
                                       ___________

        Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Racing, Gaming and  Wager-
          ing

        AN  ACT  to  amend the racing, pari-mutuel wagering and breeding law, in
          relation to allowing off-track betting corporations to set up  special
          reserve funds

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The  racing,  pari-mutuel  wagering  and  breeding  law  is
     2  amended by adding a new section 509-b to read as follows:
     3    §  509-b.  Special reserve fund. The corporation may create and estab-
     4  lish a special reserve fund for the  purpose  of  making  any  statutory
     5  payments  to  any  New  York  state entity as required by law, including
     6  payments to New York state  tracks.  Such  special  reserve  fund  shall
     7  consist  of  the  amounts  specified  pursuant to subdivision three-a of
     8  section five hundred thirty-two of this chapter.  No  such  one  percent
     9  contribution may be made to the special reserve fund if such one percent
    10  contribution  is made to the capital acquisition fund under section five
    11  hundred nine-a of this article.   If such one  percent  contribution  is
    12  made to the special reserve fund:
    13    1. such contribution shall not exceed the amount of one percent of the
    14  total  pari-mutuel wagering pools for the quarter in which such contrib-
    15  ution is made;
    16    2. such contribution shall not reduce  the  amount  of  quarterly  net
    17  revenues,  exclusive of surcharge revenues, to an amount less than fifty
    18  percent of such net revenues; and
    19    3. the balance of such fund shall not exceed the lesser of one percent
    20  of total pari-mutuel wagering pools for the previous twelve  months,  or
    21  the  undepreciated  value  of the corporation's offices, facilities, and
    22  premises.
    23    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05841-01-1