Relates to resources of the New York state thoroughbred breeding and development fund.
Ayes (32): DeFrancisco, Bonacic, Farley, Flanagan, Fuschillo, Golden, Griffo, Grisanti, Hannon, Lanza, Larkin, LaValle, Little, Marcellino, Nozzolio, O'Mara, Ranzenhofer, Robach, Savino, Seward, Young, Valesky, Krueger, Diaz, Dilan, Rivera, Breslin, Montgomery, Perkins, Stavisky, Kennedy, Hassell-Thompson
Ayes W/R (2): Gianaris, Peralta
Nays (2): Parker, Espaillat
Excused (1): Squadron
TITLE OF BILL: An act to amend the racing, pari-mutuel wagering and breeding law, in relation to resources of the New York state thoroughbred breeding and development fund
PURPOSE: To amend § 254 of the Racing Pari-Mutuel Wagering and Breeding Law ("Racing Law") to provide the New York State Thoroughbred Breeding and Development Fund ("Fund") with greater discretion to allocate its resources.
SUMMARY OF PROVISIONS:
Section one amends the Racing Law to clarify that existing purse enrichment allocation percentages to tracks and incentives can be awarded to NY Breds regardless of the type of race it has entered (open or restricted).
Section two is the effective date.
EXISTING LAW: The existing purse enrichment provision provides that the monies allocated to purse enrichment be divided in a 60/40 proportion between the New York thoroughbred track operators.
JUSTIFICATION: The existing purse enrichment-related requirement that specific allotments to NY Breds running in only restricted races prevents the Fund from awarding a larger pool of NY Breds and further incentives NY breeders and owners to enter open company races.
S.7390 of 2012, delivered to Senate, referred to rules
EFFECTIVE DATE: Immediately
STATE OF NEW YORK ________________________________________________________________________ 2901 2013-2014 Regular Sessions IN SENATE January 24, 2013 ___________Introduced by Sen. MARCHIONE -- 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 resources of 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. Subparagraph (i) of paragraph d 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: (i) An amount as shall be determined by the fund but not in excess of forty-four percent to provide purse moneys
[for races]exclusively for New York-breds ENTERED IN ALL RACES, the conditions of which have been approved by the fund. Provided, however, that the fund shall set aside forty percent of the funds allotted under this subdivision to tracks operated by corporations licensed or franchised in accordance with the provisions of section two hundred five or section two hundred six of this article except that in addition to the other amounts allotted by the fund under this paragraph, seventy-five percent of fund revenues derived from payments received in accordance with subdivision one of section five hundred twenty-seven of this chapter shall be allotted exclusively to purses at a track operated by a corporation licensed under the provisions of section two hundred five of this article. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07500-01-3