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Who cares
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Sponsors
No co-sponsors yet.
History
- Vetoed memo.298
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.503
- Substituted for A7441A
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 60–3
- Ordered to third reading cal.1628
- Committee discharged and committed to rules
- Print number 5421a
Show 2 earlier actions
- Amend and recommit to racing, gaming and wagering
- 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 capital acquisition funds maintained by regional off-track betting corporations
Assembly Floor Calendar · Sponsor J. Gary Pretlow
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5421A
Title of bill
An act relating to capital acquisition funds maintained by regional off-track betting corporations
Purpose
To allow regional off-track betting corporations to access their Capital Acquisition Fund once annually for any corporate purpose.
Justification
The legislation will allow the OTB corporations to access Capital Acquisition Funds. OTBs are Public Benefit Corporations created to support local governments by providing revenue streams which offset property tax increases. These revenue streams to local governments have dwindled over the years by an outdated statutory framework. This outdated statutory framework has led to OTBs cutting significant amounts of operating expenses, and most importantly it forced reduction in employment. This legislation would help to offset. the outdated statutes by giving the OTBs the ability to use funds. Access to these funds is needed to maintain jobs and at least 10% of the funds withdrawn will go directly to support local governments, allowing OTBs to further accomplish their stated purpose.
Legislative history
This is a new bill.
Fiscal implications
none.
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.