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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to finance
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 the tribal-state compact revenue account; and to amend chapter 747 of the laws of 2006, amending the state finance law relating to disbursements from the tribal-state compact revenue account to certain municipalities, in relation to extending the repeal of such provisions upon expiration thereof
Purpose or general idea of bill
This legislation seeks to increase the local share received by the city of Buffalo for hosting a casino.
Summary of specific provisions
Section 1 of the bill increases the minimum amount of the negotiated net drop received by the State for a gaming facility located within Buffalo to 75% from 25%.
Section 2 of the bill increases the minimum amount of the negotiated net drop received by the State for a gaming facility located within Buffalo to 75% from 25%.
Section 3 of the bill increases the minimum amount of the negotiated net drop received by the State for a gaming facility located within Buffalo to 75% from 25%.
Justification
The Seneca Niagara Casinos in downtown Buffalo began a transformative process for the city and entire region. It's placement and operation helped kick start the resurgence of this industrial city. After years of cooperation, and joint decision making, the city of Buffalo deserves to keep more shares of the casino's profits, instead of these locally earned profits heading to Albany and being distributed through the General Fund. Similar reallocations of funds have occurred between other casinos and their host localities.
This legislation seeks to change the percentage being received by the City so that Buffalo may continue to develop its downtown area. The amount of money being sent to the City will change from 25% of the negotiated net drop to 75%, to increase the funds available directly for the City and its development projects.
Prior legislative history
New Bill.
Fiscal implications
Increased revenue to the City of Buffalo and decreased revenue to the General Fund.
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.