Bill Text: NY S05295 | 2013-2014 | General Assembly | Amended
Bill Title: Relates to video gaming machines and disposition of revenues.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2014-01-17 - PRINT NUMBER 5295A [S05295 Detail]
Download: New_York-2013-S05295-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 5295--A 2013-2014 Regular Sessions I N S E N A T E May 16, 2013 ___________ Introduced by Sen. NOZZOLIO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- 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 separately amended by chapters 3 174 and 175 of the laws of 2013, 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01642-02-4 S. 5295--A 2 1 be no vendor's capital awards. Except for tracks having less than one 2 thousand [one] NINE hundred video gaming machines, and except for a 3 vendor track located west of State Route 14 from Sodus Point to the 4 Pennsylvania border within New York, each track operator shall be 5 required to co-invest an amount of capital expenditure equal to its 6 cumulative vendor's capital award. For all tracks, except for Aqueduct 7 racetrack, the amount of any vendor's capital award that is not used 8 during any one year period may be carried over into subsequent years 9 ending before April first, two thousand fourteen. Any amount attribut- 10 able to a capital expenditure approved prior to April first, two thou- 11 sand fourteen and completed before April first, two thousand sixteen; or 12 approved prior to April first, two thousand eighteen and completed 13 before April first, two thousand twenty for a vendor track located west 14 of State Route 14 from Sodus Point to the Pennsylvania border within New 15 York, shall be eligible to receive the vendor's capital award. In the 16 event that a vendor track's capital expenditures, approved by the divi- 17 sion prior to April first, two thousand fourteen and completed prior to 18 April first, two thousand sixteen, exceed the vendor track's cumulative 19 capital award during the five year period ending April first, two thou- 20 sand fourteen, the vendor shall continue to receive the capital award 21 after April first, two thousand fourteen until such approved capital 22 expenditures are paid to the vendor track subject to any required co-in- 23 vestment. In no event shall any vendor track that receives a vendor fee 24 pursuant to clause (F) or (G) of this subparagraph be eligible for a 25 vendor's capital award under this section. Any operator of a vendor 26 track which has received a vendor's capital award, choosing to divest 27 the capital improvement toward which the award was applied, prior to the 28 full depreciation of the capital improvement in accordance with general- 29 ly accepted accounting principles, shall reimburse the state in amounts 30 equal to the total of any such awards. Any capital award not approved 31 for a capital expenditure at a video lottery gaming facility by April 32 first, two thousand fourteen shall be deposited into the state lottery 33 fund for education aid; and 34 S 2. This act shall take effect immediately.