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Who cares
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Sponsors
1 Co-sponsor
History
- Print number 5295a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
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 video gaming machines and disposition of revenues
In Assembly Committee · Rules · Sponsor J. Gary Pretlow
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5295A
Title of bill
An act to amend the tax law, in relation to video gaming machines and disposition of revenues
Purpose
To allow medium size gaming facilities in New York to receive additional investment.
Summary of provisions
Section 1 of the bill amends Clauses A, B, and H of paragraph 1 of subdivision b of section 1612 of the tax law to increase the threshold of gaming machines from one thousand one hundred to one thousand nine hundred.
Section 2 is the effective date of the bill.
Justification
This legislation would enable so that the two medium sized facilities (Finger Lakes Saratoga) to qualify for full investment so these facilities could reinvest in additional amenities and expanded gaming space. This would drive much needed job creation and additional VGM revenues for the State.
Currently, the 4 smaller facilities (less than 1,100 machines) have this benefit and the medium sized facilities do not. Penalizing these two quality operators who also have by far the lowest share of their gaming revenue among the NY operators hinders their ability to add more customer amenities and machines and ultimately increase aid to education.
The purse account, the facility and the state all benefit when we grow the business.
Legislative history
S5805A of 2012
Fiscal implications
None to the state.
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.