Bill Text: NY A03850 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to contribution requirements for the capital acquisition fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-08 - referred to racing and wagering [A03850 Detail]
Download: New_York-2019-A03850-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3850 2019-2020 Regular Sessions IN ASSEMBLY January 31, 2019 ___________ Introduced by M. of A. PRETLOW -- read once and referred to the Commit- tee on Racing and Wagering AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to contribution requirements for the capital acquisition fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 509-a of the racing, pari-mutuel 2 wagering and breeding law, as added by chapter 681 of the laws of 1989, 3 is amended to read as follows: 4 (1) no contribution shall exceed the amount of one percent of the 5 total pari-mutuel wagering pools for the quarter in which the contrib- 6 ution is made; provided, however, that up to seventy-five percent of 7 such amount may be used by the corporation for any corporate purpose, 8 provided that: 9 (a) such corporation is not utilizing its capital acquisition fund for 10 corporate purposes as provided in section three of part II of chapter 11 fifty-eight of the laws of two thousand twelve; and 12 (b) such corporation shall submit a financial plan for the use of such 13 funds to the commission for approval by September thirtieth of each 14 year, which shall include the amount and specific use of such funds, and 15 any additional information that the commission deems appropriate. 16 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08379-01-9
