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Who cares
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Sponsors
2 Co-sponsors
History
- Referred to racing, gaming and wagering
- Referred to racing, gaming and wagering
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to unclaimed and abandoned prize money
Summary of provisions
This bill amends §1614 of the Tax Law, as amended by Chapter 166 of the Laws of 1991 and subdivision (a) as amended by Chapter 170 of the Laws of 1994. This bill repeals the 1994 amendment to subdivision (a) which limited the use of unclaimed prize money to special or supplemental prize money, or for use in promotions of other games. The bill adds subdivision (b) to place, after 6 months, unclaimed prize moneys in the state lottery fund for the purpose of providing aid to pupils (with special educational needs and with handicapping conditions), as set forth in item (ii) of subdivision three of §92-c of the State Finance Law.
The bill further provides that in the event a valid prize claim is made more than 6 months, but less than one year, from the date of the drawing or from the close of the game in which the prize was won, the division will pay the claim notwithstanding the provision transferring funds to the state lottery fund. If, at the time the claim is paid, the prize amount has already been transferred to the state lottery fund then the claims are to be paid from funds as are available in the lottery prize account and a like amount is to be deducted from any subsequent transfer to the state lottery fund. Subdivision (b) is relettered to be subdivision (d).
Justification
The lottery in New York was created to provide funds to education. Directing unclaimed prize money to be paid over to aid pupils in education helps carry out the original purpose of the creation of the lottery. The 1991 amendments removed the provision directing the payment of funds to aid pupils with special needs.
Fiscal implications
None.
Prior legislative history
1995-96: Assembly Ways & Means Cmte. 1997-98: Assembly Ways & Means Cmte. 1999-00: Assembly Ways & Means Cmte. 2001-02: Assembly Ways & Means Cmte. 2003-04: Senate Racing, Gaming & Wagering Cmte. 2005-06: Senate Racing, Gaming & Wagering Cmte. 2007-08: Senate Racing, Gaming & Wagering Cmte.
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.