A00961 Summary:
| BILL NO | A00961A |
| SAME AS | SAME AS S05930-A |
| SPONSOR | Pretlow |
| COSPNSR | |
| MLTSPNSR | |
| Amd §1612, Tax L | |
| Relates to video gaming machines and disposition of revenues. | |
A00961 Memo:
Go to topNEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
TITLE OF BILL: An act to amend the tax law, in relation to video gaming machines and disposition of revenues PURPOSE: To allow medium size gaming facilities in New York to receive additional investment. SUMMARY OF PROVISIONS: Section 1 of the bill amends Clauses A, B, and 14 of paragraph 1 of subdivision b of section 1612 of the tax law to increase the threshold of gaming machines from one thousand one hundred to one thousand nine hundred. Section 2 is the effective date of the bill. JUSTIFICATION: This legislation would enable so that the two medium sized facilities (Finger Lakes,Saratoga) to qualify for full investment so these facilities could reinvest in additional amenities and expanded gaming space. This would drive much needed job creation and additional VGM revenues for the State. Currently, the 4 smaller facilities (less than 1,100 machines) have this benefit and the medium sized facilities do not. Penalizing these two quality operators who also have by far the lowest share of their gaming revenue among the NY operators hinders their ability to add more custom- er amenities and machines and ultimately increase aid to education. The purse account, the facility and the state all benefit when we grow the business. FISCAL IMPLICATIONS: None to the state. EFFECTIVE DATE: This act shall take effect immediately.