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Who cares
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Sponsors
Senator · Senate District 43
No co-sponsors yet.
History
- Referred to racing, gaming and wagering
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.
Relates to the New York State Thoroughbred Breeding and Development Fund
In Assembly Committee · Racing And Wagering · Sponsor J. Gary Pretlow
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7171 REVISED 05/02/12
Title of bill
An act to amend the racing, pari-mutuel wagering and breeding law, in relation to the New York state thoroughbred breeding and development fund
Purpose or general idea of the bill
Allows for all moneys of the fund at the end of each calendar year shall be allowed to carryover into the next calendar year.
Summary of provisions
Section 1. Amends paragraph g of Section 254 of the racing, pari-mutuel wagering and breeding law to allow for the carryover of all funds from year to year,
Section 2. Effective Date
Justification
Elimination of the existing cap of $75,000 that can be carried over into the next calendar year will promote stability and better financial planning for purposes of distributing Fund awards and payments and meeting formulated distribution schedules based on reasonable estimates. Recently, Fund income has fallen short of monies needed to meet distribution schedules upon which the industry relies. The ability to retain monies will provide the Fund with flexibility to adapt to economic circumstances. There is no practical economic detriment to any of the entities that are statutory beneficiaries of the return of unused contributions because there has been no return of undistributed monies for more than twenty years.
Legislative history
New Bill.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.