Bill Text: NY A06352 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to the transferring of monies held in the non-escrowed account for payment of outstanding winning tickets and for payment of refunds to ticket holders; any amount that remains unclaimed after April first of each year shall be transferred to the regional corporation's operating account.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-08 - referred to racing and wagering [A06352 Detail]
Download: New_York-2019-A06352-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6352 2019-2020 Regular Sessions IN ASSEMBLY March 6, 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 the transferring of monies held in the non-escrowed account for payment of outstanding winning tickets and for payment of refunds to ticket holders; and to repeal certain provisions of the racing, pari-mutuel wagering and breeding law relating thereto The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 2 of section 529 of the racing, pari-mutuel 2 wagering and breeding law is amended to read as follows: 3 2. [Ninety-five percent of the balance of such account remaining4unclaimed as of the last day of February of such year shall be paid to5the state tax commission by March fifteenth. On or before April tenth of6each year the balance of such account and any other unclaimed amounts7received in the course of conducting off-track betting shall be paid by8such corporation to the state tax commission. A penalty of five percent9and interest at the rate of one percent per month from the due date to10the date of payment of the unclaimed balance due March fifteenth or11April tenth, as the case may be, shall be payable in case such balance12is not paid when due. Such amounts, interest and penalties when13collected by the state tax commission shall be deposited into the gener-14al fund of the state treasury.] The balance of such account remaining 15 unclaimed as of April first of such year shall be transferred to the 16 regional corporation's operating account and may be used for any corpo- 17 rate purposes. 18 § 2. Clause (E) of subparagraph 5 of paragraph b of subdivision 1 of 19 section 1016 of the racing, pari-mutuel wagering and breeding law is 20 REPEALED and clause (F) is relettered clause (E). EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09721-01-9A. 6352 2 1 § 3. Clause (F) of subparagraph 6 of paragraph b of subdivision 1 of 2 section 1016 of the racing, pari-mutuel wagering and breeding law is 3 REPEALED and clause (G) is relettered clause (F). 4 § 4. Subdivision 2 of section 1017 of the racing, pari-mutuel wagering 5 and breeding law is REPEALED. 6 § 5. This act shall take effect on the thirtieth day after it shall 7 have become a law.