What's happening
This bill extends the operational expense provisions for certain gaming facilities in New York until March 31, 2023.
Why it matters
Provides continued financial stability. for certain gaming facilities by ensuring they can keep accessing specific operational expense provisions, which may help them manage ongoing costs and investments.
Affects local economies and jobs. that depend on the success and continued operation of these gaming facilities, potentially supporting employment and regional economic health.
Signals possible legislative priorities. for the state regarding gaming regulation and its role as a source of public revenue or economic development, especially in the context of changing market or fiscal conditions.
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Who cares
Operators of covered gaming facilities
The bill would extend the provisions governing their operational expenses until March 31, 2023.
Gaming facility finance and tax compliance teams
They would need to account for the later expiration date of these operational-expense provisions.
State tax administrators
The bill would keep the affected tax law provisions in effect until March 31, 2023, rather than allowing them to expire two years after their original effective date.
Headline styles
Extend Casino Funding Rules
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Recommit, enacting clause stricken
- Referred to racing, gaming and wagering
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6234
2019-2020 Regular Sessions
IN SENATE
May 28, 2019
Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Racing, Gaming and Wagering
AN ACT to amend part I of chapter 61 of the laws of 2017 amending the tax law relating to operational expenses of certain gaming facilities, in relation to extending the provisions of such part
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 3 of part I of chapter 61 of the laws of 2017 amending the tax law relating to operational expenses of certain gaming facilities, is amended to read as follows:
§ 3. This act shall take effect immediately and shall expire and be deemed repealed [two years after such date] March 31, 2023.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11912-02-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend part I of chapter 61 of the laws of 2017 amending the tax law relating to operational expenses of certain gaming facilities, in relation to extending the provisions of such part
Purpose of the bill
To adjust the Vernon Downs vendor tax fee prior to expansion of gaming in New York State.
Summary of provisions
Section 1: Subparagraph (i) of paragraph 1 of subdivision b of section 1612 of the tax law, as amended by section 1 of part I of chapter 61 of the laws of 2017, is amended to read as follows: (i) less ten percent of the total revenue wagered after payout for prizes to be retained by the division for operation, administration, and procurement purposes, provided. Notwithstanding clause (H) of the subparagraph, a vendor track located within Oneida county, within fifteen miles of a Native American class III gaming facility, and who has maintained at lease ninety percent of full-time equivalent employees as they employed in the year two thousand sixteen, to use a portion of their vendor's capital award of up to four percent of the total revenue wagered at the vendor track after payout for prizes pursuant to this chapter each year, for oper- ations and provided further, however, that the maximum vendor fee for such vendor track shall not exceed the vendor fee that such vendor track received during state fiscal year two thousand fourteen - two thousand fifteen as such fee is adjusted for horsemen's share, marketing expenses, capital awards and administrative fees.
Justification
The preservation tax rates and credits available to Vernon Downs, upon its satisfaction of certain criteria, not limited to maintaining certain amount of full time equivalent employees. The proposal extends the changes made to accommodate Vernon Downs in 2017 as part of Chapter 61 of 2017 from a sunset date of June 30, 2019 for four more years until March 31, 2023
Prior legislative history
None
Fiscal implications for state
None to the State
Effective date
This act shall take effect July 1st, 2019
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.