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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A6124C
- Ordered to third reading cal.1980
- Referred to rules
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 contribution requirements for the capital acquisition fund
Vetoed · Sponsor J. Gary Pretlow
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 contribution requirements for the capital acquisition fund
Purpose
The purpose of this bill is to provide statutory relief for Regional Off-Track Betting Corporations (OTBs), ensuring that they will be able to provide payments to the localities and municipalities for which they were created to help.
Summary of provisions
This bill would provide that, of the amount from each OTB's contribution to its capital acquisition fund from its total pari-mutuel wagering pools on a quarterly basis, up to 75 percent of such amount may be used by the OTB for any corporate purpose.
Each OTB would be required to submit a financial plan for the use of such funds to the New York State Gaming Commission for approval by September 30th of each year. Such plan would include the amount and specific use of such funds, and any additional information that the New York State Gaming Commission deems appropriate.
Justification
As Regional Off-Track Betting Corporations continue to consolidate services to better serve their constituencies the need for capital expenditures has been replaced with the need to modernize the consumer experience, maintain and grow jobs, as well as maximize much needed revenues for local governments. OTBs realize the importance of maintaining a capital acquisition fund ("CAF") and current law ensures that OTBs will have capital reserves by virtue of the 1% contribution of total pari-mutuel wagering pools on a quarterly basis.
This provision would simply redistribute the 1% between retaining a CAF, and allowing for other corporate purposes, i.e. job retention and increasing municipal revenues. This provision has no impact on amounts held in existing OTB CAF accounts.
Legislative history
This is a new bill.
Fiscal implications
To be determined.
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.