What's happening
This bill allows up to 75% of the capital acquisition fund in pari-mutuel wagering to be used for general corporate purposes with commission approval.
Why it matters
Increases financial flexibility for racing corporations. by allowing a larger portion (up to 75%) of the capital acquisition fund to be used for general corporate purposes, potentially helping them manage operational costs or invest in new initiatives beyond just capital projects.
Requires oversight and accountability. since corporations must submit a detailed financial plan to the state commission for approval each year, specifying how the funds will be used and providing any other information the commission requests.
Restricts double-dipping. by ensuring that corporations cannot use the capital acquisition fund for corporate purposes under this amendment if they are already doing so under a separate provision from 2012, which helps prevent overlapping or excessive use of funds for non-capital purposes.
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Who cares
Pari-mutuel wagering corporations
The bill would let them use up to 75% of the permitted capital acquisition fund contribution amount for any corporate purpose, provided they are not using the fund for corporate purposes under the specified 2012 law.
The commission overseeing wagering corporations
The bill would require its approval of annual financial plans specifying the amount and use of those funds, along with any additional information it considers appropriate.
Wagering corporation finance staff
They would need to submit a financial plan by September 30 each year to obtain approval for the proposed use of funds.
Headline styles
Change Fund Contribution Rules
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
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
3850
2019-2020 Regular Sessions
IN ASSEMBLY
January 31, 2019
Introduced by M. of A. PRETLOW -- 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.
LBD08379-01-9
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.