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History
- Print number 1869a
- Amend (t) and recommit to finance
- Referred to finance
- Referred to finance
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.
Increases state aid payments to cities with video lottery gaming facilities
In Assembly Committee · Ways And Means · Sponsor Mike Spano
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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 revenue for certain local municipalities that host a Video Lottery Terminals (VLT) racetrack facility. This bill provides valuable revenue derived from the video lottery terminal formula, but paid by the state general fund, to support local school districts, such as the City of Yonkers.
Summary of provisions
Section 1: Amends State Finance Law section 54-1 (2) to increase state aid to eligible cities that have VLT facilities from 3.5% of such revenue to 7% of such revenue based on the "estimated net machine income" generated by a video gaming facility located in such eligible city or forty million dollars, whichever is greater.
Justification
The revenues generated from VLTs bring enormous benefits to the State of New York in the form of additional support for state education programs. Under the current statute, a host VLT facility community is entitled to 3.5% of the 'estimated net machine income" generated by a VLT facility located in such eligible city. This bill changes the funding formula to provide a state aid payments equal to seven percent of the "estimated net machine income" generated by a video gaming facility located in such eligible city or forty million dollars, whichever shall be greater.
Legislative history
S.7734 of 2008 A.6441 of 2008
Fiscal implications
An additional $ 20 million for the city of Yonkers
Effective date
This act shall take effect immediately, and be deemed to be in full force on or after April 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.