What's happening
This bill allows regional off-track betting corporations to use up to $5 million annually from capital acquisition funds to pay employee salaries, benefits, and other expenses, with certain distribution and notification requirements.
Why it matters
Allows regional off-track betting corporations to temporarily use capital acquisition funds for operating costs like salaries and benefits, potentially providing financial relief during budget shortfalls or revenue declines. This could help maintain staffing levels and operational continuity without immediate new revenue sources.
Imposes a population-based distribution requirement, ensuring at least 5% of any amount used from these funds goes to participating counties. This provision aims to guarantee that local governments receive some direct benefit, potentially offsetting lost revenue or supporting county services.
Requires advance written notification to the New York State Gaming Commission before using these funds for corporate purposes, introducing transparency and oversight. This step may help prevent misuse and ensure regulatory bodies are aware of significant financial shifts within regional off-track betting corporations.
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Who cares
Headline styles
Let OTB Use Capital Funds
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to racing and wagering
- Delivered to assembly
- Passed senateVote 54–6
- Ordered to third reading cal.2064
- Committee discharged and committed to rules
- Referred to racing, gaming and wagering
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8667
IN SENATE
May 10, 2018
Introduced by Sen. AMEDORE -- 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 utilization of a capital acquisition fund by an offtrack betting corporation to offset expenses related to salaries and benefits for the corporation's employees and other expenses
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The opening paragraph of section 509-a of the racing, parimutuel wagering and breeding law is designated subdivision a and two new subdivisions b and c are added to read as follows:
b. Notwithstanding any other provision of law or regulation to the contrary, up to five million dollars of the funds in a capital acquisition fund, established pursuant to this section, shall be available once per annum to a regional off-track betting corporation for the sole purpose of paying the salaries and benefits of employees and other expenses of such corporation; provided, however, that such regional off-track betting 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 further provided, that at a time and in a manner to be determined and prescribed by the New York state gaming commission, at least five percent of such amount shall be distributed among the participating counties 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.
c. A regional off-track betting corporation that chooses to utilize its capital acquisition fund to offset expenses related to salaries and benefits for the corporation's employees and other expenses as provided in subdivision b of this section shall do so by providing written notification to the New York state gaming commission, at least fifteen days in advance of its decision to utilize monies for corporate purposes.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15914-01-8
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 utilization of a capital acquisition fund by an off- track betting corporation to offset expenses related to salaries and benefits for the corporation's employees and other expenses
Purpose
This legislation authorizes regional off-track betting corporations to use up to $5,000,000 of the funds in their capital acquisition fund for the sole purpose of paying the salaries and benefits of employees of such corporation.
Justification
Current law allows regional off-track betting corporations to create and establish a capital acquisition fund for the purpose of financing the acquisition, construction or equipping of offices, facilities or prem- ises of the corporation.
This legislation would authorize regional corporations to use funds from their capital acquisition fund to pay the salaries and benefits of employees of the corporation, allowing them to retain their employees.
Such action is prohibited under current law.
Legislative history
New bill.
Fiscal implications
None
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.