What's happening
This bill allows up to 75% of the capital acquisition fund from pari-mutuel wagering to be used for any corporate purpose with commission approval.
Why it matters
Gives racing corporations more flexibility. by allowing them to use a larger portion (up to 75%) of the capital acquisition fund for any corporate purpose—not just capital improvements—which could help address urgent financial needs or operational gaps.
Requires oversight and transparency. since corporations must submit a detailed financial plan for commission approval each year, ensuring that funds are not spent without regulatory review and justification.
May impact how funds support racing infrastructure. because diverting money away from capital projects could slow or reduce investments in facilities, potentially affecting jobs, safety, or the experience for fans and participants in the racing industry.
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Who cares
Pari-mutuel wagering corporations
The bill would let eligible corporations use up to 75% of the quarterly capital acquisition contribution limit for any corporate purpose.
Corporation finance officers
Access to that flexibility would require submitting an annual financial plan by September 30 specifying the amount and use of the funds.
The commission
The commission would approve those financial plans and could require additional information it considers appropriate.
Headline styles
Expand Wagering Corporations’ Spending Flexibility
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to racing and wagering
- Referred to racing and wagering
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4311
2017-2018 Regular Sessions
IN ASSEMBLY
February 2, 2017
Introduced by M. of A. PRETLOW, McDONALD -- read once and referred to the Committee on Racing and Wagering
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to contribution requirements for the capital acquisition fund
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 1 of section 509-a of the racing, pari-mutuel wagering and breeding law, as added by chapter 681 of the laws of 1989, is amended to read as follows:
(1) no contribution shall exceed the amount of one percent of the total pari-mutuel wagering pools for the quarter in which the contribution is made; provided, however, that up to seventy-five percent of such amount may be used by the corporation for any corporate purpose, provided that:
(a) such corporation is not utilizing its capital acquisition fund for corporate purposes as provided in section three of part II of chapter fifty-eight of the laws of two thousand twelve; and
(b) such corporation shall submit a financial plan for the use of such funds to the commission for approval by September thirtieth of each year, which shall include the amount and specific use of such funds, and any additional information that the commission deems appropriate.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08688-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.