What's happening
This bill allows off-track betting corporations to choose whether to distribute net revenues to participating counties annually, bi-annually, or quarterly.
Why it matters
Gives local off-track betting corporations greater flexibility and control over financial planning. by letting them choose how often to distribute net revenues to counties (annually, bi-annually, or quarterly), instead of being required to do so quarterly.
May help counties and cities better align their budgeting and cash flow needs. with the distribution schedule, potentially benefiting regions that prefer more frequent or less frequent payments to match local fiscal cycles.
Could impact the timing of when local governments receive gambling-related revenue. , which might affect how quickly funds are available for public services, infrastructure, or other local priorities.
Updates the formula used to allocate funds to counties and cities. to ensure that distributions are still based on wagering activity and population, maintaining proportional fairness even with the new flexible timing.
Albany, before your first meeting.
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Who cares
Headline styles
Change OTB Payout Timing
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 42
1 Co-sponsor
History
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.404
- 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.
Share OTB Money With Counties
In Assembly Committee · Racing And Wagering · Sponsor J. Gary Pretlow
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7532
IN SENATE
January 22, 2018
Introduced by Sen. BONACIC -- read twice and ordered printed, and when printed to be committed to the Committee on Racing, Gaming and Wagering
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to the disposition of net revenues of regional off-track betting corporations to participating counties
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 2 of section 516 of the racing, pari-mutuel wagering and breeding law is amended to read as follows:
2. After payment of all of the costs of the corporation's functions, net revenue remaining to the corporation shall be divided[, quarterly, not more than thirty days after the close of the calendar quarter], among the participating counties in accordance with the following provisions:
a. Each off-track betting corporation shall determine, at their organizational meeting, if such net revenue remaining to the corporation shall be divided to participating counties on an annual, bi-annual or quarterly basis, to be divided not more than thirty days after the close of the calendar year, the close of the bi-annual year (January-June and July-December) or calendar quarter;
b. Fifty percent of such revenue distributed among the participating counties on the basis of the proportion of the total off-track pari-mutuel wagering accepted by the corporation during the previous [calendar quarter] period that originated in the branch offices located in each participating county;
[b.] c. Fifty percent of such revenue on the basis of population, as defined as the total population in each participating county shown by the latest preceding decennial federal census completed and published as a final population count by the United States bureau of the census preceding the commencement of the calendar year in which such distribution is to be made; and
[c.] d. A participating county containing a city electing to participate in the management and revenues of a corporation under subdivision
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14082-01-8
S. 7532 2
two of section five hundred two of this article shall distribute revenue received under paragraphs [a] b and [b] c of this subdivision to such city according to the proportion such city's population bears to the county's population.
§ 2. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the racing, pari-mutuel wagering and breeding law, in relation to the disposition of net revenues of regional off-track betting corporations to participating counties
Purpose or general idea of bill
This bill will allow off-track betting corporations to determine whether to distribute net revenue to counties on a annual, bi-annual, or quar- terly basis.
Summary of provisions
Section 1: Amends subdivision 2 of section 516 of the Racing, Pari-Mutu- el Wagering and Breeding Law to provide that the board of directors of an off-track betting corporation, at their organizational meeting, shall determine if net revenue remaining to the corporation shall be divided to participating counties on an annual, bi-annual, or quarterly basis.
Section 2: Effective date.
Justification
Current law requires off-track betting corporations to distribute net revenues to their participating counties on a quarterly basis. Depend- ing on the time of year and the races being run, revenues can fluctuate significantly from one quarter to the next. This can lead to an off- track betting corporation posting a loss in one or more quarters, while still making a profit on an annual basis.
Unfortunately, this can lead to an off-track betting corporation distributing more to counties in a year than its actual total annual profit. This legislation seeks to address this issue by allowing the board of directors of an off-track betting corporation to determine when these distributions shall occur.
Prior legislative history
New bill.
Fiscal implications
None to State.
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.