What's happening
This bill allows regional off-track betting corporations to use up to $5 million annually from their capital acquisition fund for salaries, benefits, and expenses, with some funds distributed to participating counties by population.
Why it matters
Potentially improves financial stability and operational flexibility. for regional off-track betting corporations by letting them use up to $5 million annually from their capital acquisition fund for operating costs, not just for construction or equipment.
Directs some benefits to local governments. , since at least 5% of any funds used this way must be distributed to participating counties, based on population—potentially increasing county revenues and local support.
Includes oversight and notification requirements. , as corporations must give the New York State Gaming Commission at least fifteen days’ written notice before using these funds for salaries and expenses, adding a layer of accountability.
May help maintain jobs and services. in the face of revenue fluctuations or financial stress, as off-track betting corporations can tap into existing reserves to cover payroll and essential expenses instead of facing layoffs or cutbacks.
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Who cares
Regional off-track betting corporations
Eligible corporations could use up to $5 million from their capital acquisition funds once per year for employee salaries, benefits and other expenses.
Off-track betting employees
The bill would make capital acquisition funds available to cover their salaries and benefits.
Participating counties
At least 5% of the amount used would be distributed among them based on population.
New York State Gaming Commission
The commission would receive at least 15 days’ advance written notice of a corporation’s decision to use the funds and set the timing and manner of county distributions.
Headline styles
Let Betting Funds Cover Salaries
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
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5993
2019-2020 Regular Sessions
IN ASSEMBLY
February 26, 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 utilizing funds from the capital acquisition fund
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 509-a of the racing, pari-mutuel wagering and breeding law, as added by chapter 681 of the laws of 1989, the opening paragraph as amended by chapter 346 of the laws of 1990, is amended to read as follows:
§ 509-a. Capital acquisition fund. 1. The corporation may create and establish a capital acquisition fund for the purpose of financing the acquisition, construction or equipping of offices, facilities or premises of the corporation. Such capital acquisition fund shall consist of (i) the amounts specified pursuant to subdivision three-a of section five hundred thirty-two of this chapter; and (ii) contributions from the corporation's pari-mutuel wagering pools, subject to the following limitations:
[(1)] a. 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;
[(2)] b. no contribution shall reduce the amount of quarterly net revenues, exclusive of surcharge revenues, to an amount less than fifty percent of such net revenues; and
[(3)] c. the balance of the fund shall not exceed the lesser of one percent of total pari-mutuel wagering pools for the previous twelve months or the undepreciated value of the corporation's offices, facilities and premises.
2. 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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09979-01-9
A. 5993 2
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.
3. 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 two 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.
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.