Bill Text: NY S07049 | 2011-2012 | General Assembly | Introduced

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Bill Title: Extends certain provisions relating to capital awards to vendor tracks.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2012-09-07 - SIGNED CHAP.454 [S07049 Detail]

Download: New_York-2011-S07049-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7049
                                   I N  S E N A T E
                                    April 25, 2012
                                      ___________
       Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
         printed to be committed to the Committee on Racing, Gaming and  Wager-
         ing
       AN  ACT  to  amend  the tax law, in relation to capital awards to vendor
         tracks
         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 hundred video gaming machines, each track operator shall be
   24  required to co-invest an amount of  capital  expenditure  equal  to  its
   25  cumulative  vendor's  capital award. For all tracks, except for Aqueduct
   26  racetrack, the amount of any vendor's capital award  that  is  not  used
   27  during  any  one  year  period may be carried over into subsequent years
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15440-01-2
       S. 7049                             2
    1  ending before April first, two thousand [thirteen] FOURTEEN.  Any amount
    2  attributable to a capital expenditure approved prior to April first, two
    3  thousand [thirteen] FOURTEEN and completed before April first, two thou-
    4  sand [fifteen] SIXTEEN shall be eligible to receive the vendor's capital
    5  award. In the event that a vendor track's capital expenditures, approved
    6  by  the  division prior to April first, two thousand [thirteen] FOURTEEN
    7  and completed prior to April  first,  two  thousand  [fifteen]  SIXTEEN,
    8  exceed  the vendor track's cumulative capital award during the five year
    9  period ending April first, two thousand [thirteen] FOURTEEN, the  vendor
   10  shall continue to receive the capital award after April first, two thou-
   11  sand  [thirteen]  FOURTEEN  until such approved capital expenditures are
   12  paid to the vendor track subject to any required  co-investment.  In  no
   13  event  shall  any  vendor  track  that receives a vendor fee pursuant to
   14  clause (F) or (G) of this subparagraph be eligible for a vendor's  capi-
   15  tal  award  under this section. Any operator of a vendor track which has
   16  received a vendor's  capital  award,  choosing  to  divest  the  capital
   17  improvement toward which the award was applied, prior to the full depre-
   18  ciation of the capital improvement in accordance with generally accepted
   19  accounting principles, shall reimburse the state in amounts equal to the
   20  total  of  any such awards. Any capital award not approved for a capital
   21  expenditure at a video lottery gaming facility by April first, two thou-
   22  sand [thirteen] FOURTEEN shall be deposited into the state lottery  fund
   23  for education aid; and
   24    S 2. This act shall take effect immediately.