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Who cares
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Sponsors
No co-sponsors yet.
History
- 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 racing, pari-mutuel wagering and breeding law, in relation to the disposition of off-track pools
Purpose
This bill would enact into law recommendation number ten from the Task Force on the Future of Off-Track Betting In New York State. Specifically, the bill would amend RWL §527(5)(a) to eliminate the payment of one half of one percent of regular and multiple bets to tracks that have had video gaming operations for 24 months or more for capital improvements.
Summary of provisions
Section 1 - Amends subdivision 5(a) of §527 of the RWL by eliminating the payment of one half of one percent of regular and multiple bets to tracks that have had video gaming operations for 24 months or more for capital improvements.
Section 2 - This act shall take effect immediately.
Existing law
This section of the racing law requires one half of one percent of regular and multiple bets to be paid to tracks that have had video gaming operations for 24 months or more for capital improvements.
Justification
In 2007 the OTBs distributed approximately $353,000 to the harness tracks and $193,000 to Finger Lakes that was restricted to be used for capital improvements at the respective tracks. With the authorization of video gaming at all of these tracks now and an additional capital allowance provided under the tax law these payments are no longer needed. Additionally, the vendor fees, marketing allowances and capital improvement percentages have been increased over the last several years as they relate to racinos and as such these payments are superfluous.
Legislative history
New bill.
Fiscal implications
None to the state.
Local fiscal implications
This bill will save regional off-track betting corporations money that they would otherwise be obligated to pay to regional harness tracks. The funds can then be passed down to municipalities within each regional OTBs zone.
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.