Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 07, 2012 |
signed chap.454 |
Aug 27, 2012 |
delivered to governor |
Jun 19, 2012 |
returned to senate passed assembly ordered to third reading rules cal.362 substituted for a10092 |
Jun 12, 2012 |
referred to ways and means delivered to assembly passed senate |
Jun 11, 2012 |
advanced to third reading |
Jun 06, 2012 |
2nd report cal. |
Jun 05, 2012 |
1st report cal.1070 |
May 22, 2012 |
reported and committed to finance |
Apr 25, 2012 |
referred to racing, gaming and wagering |
Senate Bill S7049
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Actions
Votes
2011-S7049 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10092
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง1612, Tax L
2011-S7049 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7049 TITLE OF BILL: An act to amend the tax law, in relation to capital awards to vendor tracks PURPOSE OR GENERAL IDEA OF BILL: To extend for one year the ability of vendor tracks to carryover the unused portion of their capital award from one year into subsequent years and to extend the deadline for submission and completion of projects which would qualify for the vendor's capital award. SUMMARY OF SPECIFIC PROVISIONS: Section 1. Amends clause (H) of subparagraph (ii) of paragraph 1 of subdivision b of section 1612 of the tax law to extend for one year the ability of vendor tracks (except for Aqueduct Racetrack) to carryover the unused portion of their capital award from one year into subsequent years. It also extends by one year the deadline for submission and completion of projects which would qualify for the vendor's capital award. Section 2. Effective date. JUSTIFICATION: Currently there is significant movement in the area of gaming policy in New York State and a constitutional amendment to allow full casino
2011-S7049 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7049 I N S E N A T E April 25, 2012 ___________ Introduced by Sen. BONACIC -- 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 tax law, in relation to capital awards to vendor tracks THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Clause (H) of subparagraph (ii) of paragraph 1 of subdivi- sion b of section 1612 of the tax law, as amended by section 6 of part K of chapter 57 of the laws of 2010, is amended to read as follows: (H) notwithstanding clauses (A), (B), (C), (D), (E), (F) and (G) of this subparagraph, the track operator of a vendor track shall be eligi- ble for a vendor's capital award of up to four percent of the total revenue wagered at the vendor track after payout for prizes pursuant to this chapter, which shall be used exclusively for capital project investments to improve the facilities of the vendor track which promote or encourage increased attendance at the video lottery gaming facility including, but not limited to hotels, other lodging facilities, enter- tainment facilities, retail facilities, dining facilities, events arenas, parking garages and other improvements that enhance facility amenities; provided that such capital investments shall be approved by the division, in consultation with the state racing and wagering board, and that such vendor track demonstrates that such capital expenditures will increase patronage at such vendor track's facilities and increase the amount of revenue generated to support state education programs. The annual amount of such vendor's capital awards that a vendor track shall be eligible to receive shall be limited to two million five hundred thousand dollars, except for Aqueduct racetrack, for which there shall be no vendor's capital awards. Except for tracks having less than one thousand one hundred video gaming machines, each track operator shall be required to co-invest an amount of capital expenditure equal to its cumulative vendor's capital award. For all tracks, except for Aqueduct racetrack, the amount of any vendor's capital award that is not used during any one year period may be carried over into subsequent years EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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