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History
- Print number 5403a
- Amend (t) and recommit to ways and means
- Referred to ways and means
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Eliminates the twenty million dollar limitation on the state aid a city can annually receive from video lottery gaming
In Senate Committee · Finance · Sponsor Jeffrey D. Klein
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A5403A
Title of bill
An act to amend the state finance law, in relation to increasing the state aid an eligible city may receive from estimated net machine income generated by a video lottery gaming facility
Purpose
The purpose of this legislation is to increase the income for the local municipalities who host these racetracks. This bill would provide those regions with valuable revenue emanating from video lottery terminals at the racetracks.
Summary of provisions
Paragraph a of subdivision 2 of section 54-1 of the state finance law, as amended by section 1 of part KK of chapter 56 of the laws of 2009, is amended: for the state fiscal year commencing April 1, 2010 and for each state fiscal year thereafter, a state aid payment equal to seven percent of the "estimated net machine income" generated by a video gaming facility located in the eligible city or forty million dollars, whichever shall be greater.
Justification
The revenues generated from the Video Lottery Terminals bring enormous benefits to the State of New York in the form of addi- tional dollars to education. Under the current statute, a host community is entitled to 3.5% of the 'estimated net machine income" generated by a video lottery gaming facility located in such eligible city with a cap at $20 million. This bill would eliminate the arbitrary cap and allow the funding formula to provide a state aid payment equal to seven percent of the "estimated net machine income" generated by a video gaming facility located in the. eligible city or forty million dollars, whichever shall be greater to the local community it was designed to help. The elimination of this cap could provide a $40 million benefit to the City of Yonkers, this year alone.
Legislative history
A6441 of 2008
Fiscal implications
Up to $40 million to the City of Yonkers
Effective date
This act shall take effect on the first of April follow- ing its enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.