Bill Text: NY A08570 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to video gaming machines and disposition of revenues.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A08570 Detail]

Download: New_York-2011-A08570-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8570
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    August 31, 2011
                                      ___________
       Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
         tee on Ways and Means
       AN ACT to amend the tax law, in relation to video  gaming  machines  and
         disposition of revenues
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Clause (H) of subparagraph (ii) of paragraph 1 of  subdivi-
    2  sion b of section 1612 of the tax law, as amended by section 6 of part K
    3  of chapter 57 of the laws of 2010, is amended to read as follows:
    4    (H)  notwithstanding  clauses  (A), (B), (C), (D), (E), (F) and (G) of
    5  this subparagraph, the track operator of a vendor track shall be  eligi-
    6  ble  for  a  vendor's  capital  award of up to four percent of the total
    7  revenue wagered at the vendor track after payout for prizes pursuant  to
    8  this  chapter,  which  shall  be  used  exclusively  for capital project
    9  investments to improve the facilities of the vendor track which  promote
   10  or  encourage  increased attendance at the video lottery gaming facility
   11  including, but not limited to hotels, other lodging  facilities,  enter-
   12  tainment   facilities,  retail  facilities,  dining  facilities,  events
   13  arenas, parking garages and other  improvements  that  enhance  facility
   14  amenities;  provided  that such capital investments shall be approved by
   15  the division, in consultation with the state racing and wagering  board,
   16  and  that  such vendor track demonstrates that such capital expenditures
   17  will increase patronage at such vendor track's facilities  and  increase
   18  the amount of revenue generated to support state education programs. The
   19  annual  amount of such vendor's capital awards that a vendor track shall
   20  be eligible to receive shall be limited  to  two  million  five  hundred
   21  thousand  dollars,  except for Aqueduct racetrack, for which there shall
   22  be no vendor's capital awards. Except for tracks having  less  than  one
   23  thousand  [one]  NINE hundred video gaming machines, each track operator
   24  shall be required to co-invest an amount of capital expenditure equal to
   25  its cumulative vendor's capital award. For all tracks, except for  Aque-
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13160-03-1
       A. 8570                             2
    1  duct  racetrack,  the  amount  of any vendor's capital award that is not
    2  used during any one year period may  be  carried  over  into  subsequent
    3  years  ending  before  April  first,  two  thousand thirteen. Any amount
    4  attributable to a capital expenditure approved prior to April first, two
    5  thousand thirteen and completed before April first, two thousand fifteen
    6  shall  be  eligible  to receive the vendor's capital award. In the event
    7  that a vendor track's capital expenditures,  approved  by  the  division
    8  prior to April first, two thousand thirteen and completed prior to April
    9  first,  two thousand fifteen, exceed the vendor track's cumulative capi-
   10  tal award during the five year period ending April first,  two  thousand
   11  thirteen,  the  vendor shall continue to receive the capital award after
   12  April first, two thousand thirteen until such approved capital  expendi-
   13  tures  are  paid  to the vendor track subject to any required co-invest-
   14  ment. In no event shall any vendor track  that  receives  a  vendor  fee
   15  pursuant  to  clause  (F)  or (G) of this subparagraph be eligible for a
   16  vendor's capital award under this section.  Any  operator  of  a  vendor
   17  track  which  has  received a vendor's capital award, choosing to divest
   18  the capital improvement toward which the award was applied, prior to the
   19  full depreciation of the capital improvement in accordance with general-
   20  ly accepted accounting principles, shall reimburse the state in  amounts
   21  equal  to  the  total of any such awards. Any capital award not approved
   22  for a capital expenditure at a video lottery gaming  facility  by  April
   23  first,  two  thousand thirteen shall be deposited into the state lottery
   24  fund for education aid; and
   25    S 2. This act shall take effect immediately.