NY S06359

Amends the racing, pari-mutuel wagering and breeding law to allow off-track betting corporations to establish special reserve funds for making statutory payments to New York State entities and racetracks.

Limits contributions to the special reserve fund to no more than one percent of total pari-mutuel wagering pools per quarter, with a corporation unable to contribute to both this fund and the capital acquisition fund simultaneously.

Requires that contributions to the special reserve fund not reduce quarterly net revenues (exclusive of surcharge revenues) below fifty percent of such net revenues.

Caps the fund balance at the lesser of one percent of total pari-mutuel wagering pools for the previous twelve months, or the undepreciated value of the corporation's offices, facilities, and premises.

Takes effect immediately upon enactment.