Loading chat...
NY S06917
Bill
Status
10/13/2017
Primary Sponsor
John Bonacic
Click for details
AI Summary
-
Amends section 208 of the racing, pari-mutuel wagering and breeding law to modify how franchise fees are calculated for franchised corporations.
-
Changes the operating cash calculation from excluding 45 days of operating expenses to excluding 365 days of operating expenses.
-
Franchise fees remain calculated as the lesser of two options: (a) adjusted net income including depreciation and amortization, less capital expenditures and debt principal payments, or (b) operating cash less the specified number of days of operating expenses.
-
Franchise fee payments must be remitted to the state annually no later than April 5th.
-
Act takes effect immediately upon enactment.
Legislative Description
Relates to franchised corporations remitting to the state each year a franchise payment which shall be calculated and equal to the lesser of the adjusted net income or operating cash.
Last Action
COMMITTED TO RULES
6/20/2018