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NY S08019

Bill

Official Source

Status

Introduced

6/6/2016

Primary Sponsor

George Amedore

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Amends the racing, pari-mutuel wagering and breeding law to modify contribution requirements for the capital acquisition fund
  • Allows up to 75 percent of contributions (capped at one percent of total pari-mutuel wagering pools per quarter) to be used by racing corporations for any corporate purpose
  • Requires corporations using funds for corporate purposes to not simultaneously utilize their capital acquisition fund for such purposes under chapter 58 of the 2012 laws
  • Mandates corporations submit a financial plan to the commission by September 30 of each year detailing the amount, specific use, and any other relevant information about fund usage
  • Takes effect immediately upon enactment

Legislative Description

Relates to percent of wagers made at off-track betting facilities conducted by in-state thoroughbred racing corporations.

Last Action

SUBSTITUTED BY A6124C

6/17/2016

Committee Referrals

Rules6/6/2016

Full Bill Text

No bill text available