S7171-2011 Actions

• May 1, 2012: REFERRED TO RACING, GAMING AND WAGERING

S7171-2011 Memo

BILL NUMBER:S7171                REVISED 05/02/12

TITLE OF BILL:
An act
to amend the racing, pari-mutuel wagering and breeding law, in relation
to the New York state thoroughbred breeding and development fund

PURPOSE OR GENERAL IDEA OF THE BILL:
Allows for all moneys of the fund
at the end of each calendar year shall be allowed to carryover into
the next calendar year.

SUMMARY OF PROVISIONS:
Section 1. Amends paragraph g of Section 254 of the racing,
pari-mutuel wagering and breeding law to allow for the carryover of
all funds from year to year,

Section 2. Effective Date

JUSTIFICATION:
Elimination of the existing cap of $75,000 that can be
carried over into the next calendar year will promote stability and
better financial planning for purposes of distributing Fund awards
and payments and meeting formulated distribution schedules based on
reasonable estimates. Recently, Fund income has fallen short of
monies needed to meet distribution schedules upon which the industry
relies. The ability to retain monies will provide the Fund with
flexibility to adapt to economic circumstances. There is no practical
economic detriment to any of the entities that are statutory
beneficiaries of the return of unused contributions because there has
been no return of undistributed monies for more than twenty years.

LEGISLATIVE HISTORY:
New Bill.

EFFECTIVE DATE:
Immediately.

S7171-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         7171
 I N  SENATE
 May 1, 2012
 
 Introduced  by Sen. McDONALD -- 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 the New York state thoroughbred breeding  and  development
 fund
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. The second undesignated paragraph and the closing paragraph
 of subdivision 2 of section 254 of the racing, pari-mutuel wagering  and
 breeding  law,  as amended by chapter 18 of the laws of 2008, is amended
 to read as follows:

 [All moneys of the fund in excess of seventy-five thousand dollars  on
 hand  at  the end of each calendar year shall be apportioned between and
 paid to the state and the regional off-track betting corporations  based
 on the level of contributions to such fund during the year by the racing
 corporations  and  the  regional off-track betting corporations, respec-
 tively. Payment of such  money  to  the  state  and  such  corporations,
 respectively, shall be made by March fifteenth of the year following the
 close of such calendar year.
 That  portion  returned to the regional off-track betting corporations
 shall be distributed prior to May first of such year to the  participat-
 ing  local  governments within each region in the same proportion as the
 net earnings of such  corporation  for  the  prior  calendar  year  were
 distributed.]
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15195-01-2

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