New York State Assembly

 
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A06124 Summary:

A06124 Actions:

A06124 Committee Votes:

Committee:RACING AND WAGERING   Chair:Pretlow      
DATE:06/08/2016AYE/NAY:8/3  Action: Favorable refer to committee Ways and Means        
Pretlow
Aye
Garbarino
Nay
Markey
Aye
Tedisco
Nay
Gunther
Aye
Lawrence
Nay
Miller
Aye
Goldfeder
Aye
Solages
Aye
Woerner
Aye
Santabarbara
Aye

Committee:WAYS AND MEANS   Chair:Farrell      
DATE:06/08/2016AYE/NAY:30/2  Action: Favorable refer to committee Rules        
Farrell
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Aye
Barclay
Aye
Gantt
Aye
Fitzpatrick
Nay
Weinstein
Aye
Saladino
Aye
Glick
Aye
Hawley
Aye
Nolan
Excused
Duprey
Excused
Pretlow
Aye
Corwin
Nay
Perry
Aye
Malliotakis
Aye
Colton
Aye
Walter
Aye
Cook
Aye
Cahill
Aye
Aubry
Aye
Hooper
Aye
Thiele
Aye
Wright
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Aye
Markey
Aye
Moya
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Excused
Braunstein
Aye

Committee:RULES   Chair:Heastie      
DATE:06/14/2016AYE/NAY:27/0  Action: Favorable         
Heastie
Aye
Kolb
Aye
Gottfried
Aye
Tedisco
Aye
Lentol
Aye
Oaks
Aye
Farrell
Aye
Butler
Aye
Gantt
Aye
Crouch
Aye
Nolan
Aye
Finch
Excused
Weinstein
Aye
Barclay
Aye
Hooper
Aye
Raia
Aye
Ortiz
Aye
Duprey
Aye
Pretlow
Aye
Cook
Aye
Glick
Aye
Morelle
Aye
Aubry
Aye
Englebright
Aye
Wright
Excused
Dinowitz
Excused
Colton
Aye
Magnarelli
Aye
Perry
Aye
Markey
Aye

A06124 Floor Votes:

A06124 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)



 
BILL NUMBER: A6124C
 
SPONSOR: Pretlow

 
TITLE OF BILL:
 
An act to amend the racing, pari-mutuel wagering and breeding law, in
relation to contribution requirements for the capital acquisition fund
 
 
PURPOSE OR GENERAL IDEA OF BILL:
 
The purpose of this bill is to provide statutory relief for Regional
Off-Track Betting Corporations (OTBs), ensuring that they will be able
to provide payments to the localities and municipalities for which they
were created to help.
 
 
SUMMARY OF SPECIFIC PROVISIONS:

This bill would provide that, of the amount from each OTB's contribution
to its capital acquisition fund from its total pari-mutuel wagering
pools on a quarterly basis, up to 75 percent of such amount may be used
by the OTB for any corporate purpose.
 
Each OTB would be required to submit a financial plan for the use of
such funds to the New York State Gaming Commission for approval by
September 30th of each year. Such plan would include the amount and
specific use of such funds, and any additional information that the New
York State Gaining Commission deems appropriate.
 
 
JUSTIFICATION:
 
As Regional Off-Track Betting Corporations continue to consolidate
services to better serve their constituencies the need for capital
expenditures has been replaced with the need to modernize the consumer
experience, maintain and grow jobs, as well as maximize much needed
revenues for local governments. OTBs realize the importance of maintain-
ing a capital acquisition fund ("CAF") and current law ensures that OTBs
will have capital reserves by virtue of the 1% contribution of total
pari-mutuel wagering pools on a quarterly basis.
 
This provision would simply redistribute the 1% between retaining a CAF,
and allowing for other corporate purposes, i.e. job retention and
increasing municipal revenues. This provision has no impact on amounts
held in existing OTB CAF accounts.
 
 
LEGISLATIVE HISTORY:
 
New bill.
 
 
FISCAL IMPLICATION:
 
To be determined.
 
 
EFFECTIVE DATE:
This act would take effect immediately.

A06124 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6124--C
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 16, 2015
                                       ___________
 
        Introduced  by  M.  of A. PRETLOW, McDONALD -- read once and referred to
          the Committee on Racing and Wagering  --  committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee -- recommitted to the Committee on Racing and Wagering in  accord-
          ance  with  Assembly  Rule  3,  sec.  2  -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee  --  again  reported  from said committee with amendments, ordered
          reprinted as amended and recommitted to said committee
 
        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 Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 1 of section 509-a of the  racing,  pari-mutuel
     2  wagering  and breeding law, as added by chapter 681 of the laws of 1989,
     3  is amended to read as follows:
     4    (1) no contribution shall exceed the amount  of  one  percent  of  the
     5  total  pari-mutuel  wagering pools for the quarter in which the contrib-
     6  ution is made; provided, however, that up  to  seventy-five  percent  of
     7  such  amount  may  be used by the corporation for any corporate purpose,
     8  provided that:
     9    (a) such corporation is not utilizing its capital acquisition fund for
    10  corporate purposes as provided in section three of part  II  of  chapter
    11  fifty-eight of the laws of two thousand twelve; and
    12    (b) such corporation shall submit a financial plan for the use of such
    13  funds  to  the  commission  for  approval by September thirtieth of each
    14  year, which shall include the amount and specific use of such funds, and
    15  any additional information that the commission deems appropriate.
    16    § 2. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09871-04-6