What's happening
This bill amends the tax law to require certain gaming commissions to be paid to vendor tracks within fifteen days after each fiscal quarter instead of sixty days.
Why it matters
Speeds up cash flow for vendor tracks. By reducing the payment window from sixty to fifteen days after each quarter, vendor tracks receive their additional commissions much sooner, which can help address short-term operational costs and improve their financial stability.
Provides more frequent financial certainty. Quarterly payments, rather than annual or less frequent disbursements, allow vendor tracks to better predict and manage their income, aiding in budgeting and strategic planning.
May impact the competitive landscape. Faster payments could help vendor tracks in regions with nearby gaming facilities better compete, especially as they often face revenue pressures from newly opened casinos within their area.
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Who cares
Headline styles
Speed Up Commission Payments
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Substituted by S4287A
- Rules report cal.674
- Reported
- Reported referred to rules
- Reported referred to ways and means
- Print number 5994b
- Amend (t) and recommit to racing and wagering
- Print number 5994a
- Amend and recommit to racing and wagering
- Referred to racing 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.
Pay Commissions Faster
Vetoed · Sponsor John J. Bonacic
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5994--B
2017-2018 Regular Sessions
IN ASSEMBLY
February 21, 2017
Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Racing and Wagering -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -again reported from said committee with amendments, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to the payment of certain commissions
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Clause (G) of subparagraph (ii) of paragraph 1 of subdivision b of section 1612 of the tax law, as amended by section 2 of part HH of chapter 60 of the laws of 2016, is amended to read as follows:
(G) Notwithstanding any provision to the contrary, when a vendor track is located within regions one, two, or five of development zone two as defined by section thirteen hundred ten of the racing, pari-mutuel wagering and breeding law, such vendor track shall receive an additional commission at a rate equal to the percentage of revenue wagered at the vendor track after payout for prizes pursuant to this chapter, which percentage shall be one hundred, less the sum of the percentages of net revenue wagered at the vendor track retained by the commission for operation, administration, and procurement purposes; and the vendor's fee, marketing allowance and capital award paid to the vendor track pursuant to this chapter; and the effective tax rate paid on all gross gaming revenue paid by a gaming facility within the same region pursuant to section thirteen hundred fifty-one of the racing, pari-mutuel wagering and breeding law, provided, however, such additional commission shall be applied to revenue wagered at the vendor track after payout for prizes only while a gaming facility in the same region is open and operational pursuant to an operation certificate issued pursuant to section thirteen hundred thirty-one of the racing, pari-mutuel wagering and breeding law. The additional commission set forth in this clause shall be paid to the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09242-04-7
A. 5994--B 2
vendor track within [sixty] fifteen days after the conclusion of each quarter of the state fiscal year based on the calculated percentage during the previous quarter of the state fiscal year.
§ 2. Clause (G-2) of subparagraph (ii) of paragraph 1 of subdivision b of section 1612 of the tax law, as added by section 1 of part DD of chapter 60 of the laws of 2016, is amended to read as follows:
(G-2) Notwithstanding any provision to the contrary, when a vendor track is located within region six of development zone two as defined by section thirteen hundred ten of the racing, pari-mutuel wagering and breeding law and is located within Ontario county, such vendor track shall receive an additional commission at a rate equal to the percentage of revenue wagered at the vendor track after payout for prizes pursuant to this chapter, which percentage shall be one hundred, less the sum of the percentages of net revenue wagered at the vendor track retained by the commission for operation, administration, and procurement purposes; and the vendor's fee, marketing allowance and capital award paid to the vendor track pursuant to this chapter; and the effective tax rate paid on all gross gaming revenue paid by a gaming facility within Seneca or Wayne counties pursuant to section thirteen hundred fifty-one of the racing, pari-mutuel wagering and breeding law, provided, however, such additional commission shall be applied to revenue wagered at the vendor track after payout for prizes only while a gaming facility in Seneca or Wayne counties is open and operational pursuant to an operation certificate issued pursuant to section thirteen hundred thirty-one of the racing, pari-mutuel wagering and breeding law. The additional commission set forth in this clause shall be paid to the vendor track within [sixty] fifteen days after the conclusion of each quarter of the state fiscal year based on the calculated percentage during the previous quarter of the state fiscal year.
§ 3. This act shall take effect immediately.
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.