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- Referred to ways and means
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Full text
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Sponsor's memo
BILL NUMBER:A8734
Title of bill
An act to amend the tax law, in relation to eliminating the limitation on the amount of the capital award payable to a video lottery gaming vendor
Purpose
Eliminates the annual limitation of $2,500,000 upon video lottery gaming vendor capital awards.
Summary of provisions
Clause (F) of subparagraph (ii) of paragraph 1 of subdivision b of section 1612 of the tax law is amended by chapter 140 of the laws of 2008.
Clause (H) of subparagraph (ii) of paragraph 1 of subdivision b of section 1612 of the tax law is amended by chapter 286 of the laws of 2008.
Justification
The track operator of a vendor track shall be eligible for a vendor's capital award of up to four percent of the total revenue at the vendor track after payout for prizes, which shall be used exclu- sively for capital project investments. These investments include improving the facilities of the vendor track which promote or encourage increased attendance at the video lottery gaming facilities including hotels, other lodging facilities, entertainment facilities, retail facilities, dining facilities, events areas, parking garages and other improvements that enhances facilities amenities.
Legislative history
New Bill
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.