Bill Text: NY S05805 | 2011-2012 | General Assembly | Amended

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO RACING, GAMING AND WAGERING [S05805 Detail]

Download: New_York-2011-S05805-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        5805--A
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                     June 17, 2011
                                      ___________
       Introduced  by Sen. NOZZOLIO -- read twice and ordered printed, and when
         printed to be  committed  to  the  Committee  on  Rules  --  committee
         discharged, bill amended, ordered reprinted as amended and recommitted
         to said committee
       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
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13160-02-1
       S. 5805--A                          2
    1  shall be required to co-invest an amount of capital expenditure equal to
    2  its  cumulative vendor's capital award. For all tracks, except for Aque-
    3  duct racetrack, the amount of any vendor's capital  award  that  is  not
    4  used  during  any  one  year  period may be carried over into subsequent
    5  years ending before April  first,  two  thousand  thirteen.  Any  amount
    6  attributable to a capital expenditure approved prior to April first, two
    7  thousand thirteen and completed before April first, two thousand fifteen
    8  shall  be  eligible  to receive the vendor's capital award. In the event
    9  that a vendor track's capital expenditures,  approved  by  the  division
   10  prior to April first, two thousand thirteen and completed prior to April
   11  first,  two thousand fifteen, exceed the vendor track's cumulative capi-
   12  tal award during the five year period ending April first,  two  thousand
   13  thirteen,  the  vendor shall continue to receive the capital award after
   14  April first, two thousand thirteen until such approved capital  expendi-
   15  tures  are  paid  to the vendor track subject to any required co-invest-
   16  ment. In no event shall any vendor track  that  receives  a  vendor  fee
   17  pursuant  to  clause  (F)  or (G) of this subparagraph be eligible for a
   18  vendor's capital award under this section.  Any  operator  of  a  vendor
   19  track  which  has  received a vendor's capital award, choosing to divest
   20  the capital improvement toward which the award was applied, prior to the
   21  full depreciation of the capital improvement in accordance with general-
   22  ly accepted accounting principles, shall reimburse the state in  amounts
   23  equal  to  the  total of any such awards. Any capital award not approved
   24  for a capital expenditure at a video lottery gaming  facility  by  April
   25  first,  two  thousand thirteen shall be deposited into the state lottery
   26  fund for education aid; and
   27    S 2. This act shall take effect immediately.