Senate Bill S1441

2021-2022 Legislative Session

Allows off-track betting corporations to set up special reserve funds

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Racing, Gaming And Wagering Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S1441 (ACTIVE) - Details

See Assembly Version of this Bill:
A2180
Current Committee:
Senate Racing, Gaming And Wagering
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Add §509-b, RWB L
Versions Introduced in Other Legislative Sessions:
2019-2020: S6359, A8203
2023-2024: A3620

2021-S1441 (ACTIVE) - Summary

Allows off-track betting corporations to set up special reserve funds to use as an alternative to current capital acquisition funds.

2021-S1441 (ACTIVE) - Sponsor Memo

2021-S1441 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1441
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2021
                                ___________
 
 Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Racing, Gaming and  Wager-
   ing
 
 AN  ACT  to  amend the racing, pari-mutuel wagering and breeding law, in
   relation to allowing off-track betting corporations to set up  special
   reserve funds

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The  racing,  pari-mutuel  wagering  and  breeding  law  is
 amended by adding a new section 509-b to read as follows:
   §  509-B.  SPECIAL RESERVE FUND. THE CORPORATION MAY CREATE AND ESTAB-
 LISH A SPECIAL RESERVE FUND FOR THE  PURPOSE  OF  MAKING  ANY  STATUTORY
 PAYMENTS  TO  ANY  NEW  YORK  STATE ENTITY AS REQUIRED BY LAW, INCLUDING
 PAYMENTS TO NEW YORK STATE  TRACKS.  SUCH  SPECIAL  RESERVE  FUND  SHALL
 CONSIST  OF  THE  AMOUNTS  SPECIFIED  PURSUANT TO SUBDIVISION THREE-A OF
 SECTION FIVE HUNDRED THIRTY-TWO OF THIS CHAPTER.  NO  SUCH  ONE  PERCENT
 CONTRIBUTION MAY BE MADE TO THE SPECIAL RESERVE FUND IF SUCH ONE PERCENT
 CONTRIBUTION  IS MADE TO THE CAPITAL ACQUISITION FUND UNDER SECTION FIVE
 HUNDRED NINE-A OF THIS ARTICLE.   IF SUCH ONE  PERCENT  CONTRIBUTION  IS
 MADE TO THE SPECIAL RESERVE FUND:
   1. SUCH CONTRIBUTION SHALL NOT EXCEED THE AMOUNT OF ONE PERCENT OF THE
 TOTAL  PARI-MUTUEL WAGERING POOLS FOR THE QUARTER IN WHICH SUCH CONTRIB-
 UTION IS MADE;
   2. SUCH CONTRIBUTION SHALL NOT REDUCE  THE  AMOUNT  OF  QUARTERLY  NET
 REVENUES,  EXCLUSIVE OF SURCHARGE REVENUES, TO AN AMOUNT LESS THAN FIFTY
 PERCENT OF SUCH NET REVENUES; AND
   3. THE BALANCE OF SUCH 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. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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