New York A 5925: Utilizes funds from the capital acquisition fund

Bill Text

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A05925 Summary:

BILL NOA05925 

&nbsp

SAME ASNo Same As

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SPONSORWoerner

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COSPNSR

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MLTSPNSR

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Amd §509-a, RWB L

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Relates to utilizing funds from the capital acquisition fund for the payment of salaries and benefits of employees and other expenses of regional off-track betting corporations.

Go to top A05925 Actions:

BILL NOA05925 

&nbsp

02/24/2025referred to racing and wagering

01/07/2026referred to racing and wagering

Go to topA05925 Committee&nbspVotes:

Go to topA05925 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05925 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5925

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 24, 2025
 ___________

 Introduced by M. of A. WOERNER -- 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 utilizing funds from 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. Section 509-a of the racing, pari-mutuel wagering and
 2 breeding law, as amended by section 1 of part DD of chapter 59 of the
 3 laws of 2022, subdivision 2 as amended by section 1 of part O of chapter
 4 59 of the laws of 2024, is amended to read as follows:
 5 § 509-a. Capital acquisition fund. 1. The corporation may create and
 6 establish a capital acquisition fund for the purpose of financing the
 7 acquisition, construction or equipping of offices, facilities or prem-
 8 ises of the corporation. Such capital acquisition fund shall consist of
 9 [(i)] a. the amounts specified pursuant to subdivision three-a of
 10 section five hundred thirty-two of this chapter; and [(ii)] b. contrib-
 11 utions from the corporation's pari-mutuel wagering pools, subject to the
 12 following limitations:
 13 [a.] (i) no contribution shall exceed the amount of one percent of the
 14 total pari-mutuel wagering pools for the quarter in which the contrib-
 15 ution is made;
 16 [b.] (ii) no contribution shall reduce the amount of quarterly net
 17 revenues, exclusive of surcharge revenues, to an amount less than fifty
 18 percent of such net revenues; and
 19 [c.] (iii) the balance of the fund shall not exceed the lesser of one
 20 percent of total pari-mutuel wagering pools for the previous twelve
 21 months or the undepreciated value of the corporation's offices, facili-
 22 ties and premises.
 23 2. a. Notwithstanding any other provision of law or regulation to the
 24 contrary, from April nineteenth, two thousand twenty-one to March thir-
 25 ty-first, two thousand twenty-two, twenty-three percent of the funds,
 26 not to exceed two and one-half million dollars, in the Catskill off-
 27 track betting corporation's capital acquisition fund and twenty-three
 28 percent of the funds, not to exceed four hundred forty thousand dollars,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09480-01-5

 A. 5925 2

 1 in the Capital off-track betting corporation's capital acquisition fund
 2 established pursuant to this section shall also be available to such
 3 off-track betting corporation for the purposes of statutory obligations,
 4 payroll, and expenditures necessary to accept authorized wagers.
 5 b. Notwithstanding any other provision of law or regulation to the
 6 contrary, from April first, two thousand twenty-two to March thirty-
 7 first, two thousand twenty-three, twenty-three percent of the funds, not
 8 to exceed two and one-half million dollars, in the Catskill off-track
 9 betting corporation's capital acquisition fund established pursuant to
 10 this section, and twenty-three percent of the funds, not to exceed four
 11 hundred forty thousand dollars, in the Capital off-track betting corpo-
 12 ration's capital acquisition fund established pursuant to this section,
 13 shall be available to such off-track betting corporations for the
 14 purposes of statutory obligations, payroll, and expenditures necessary
 15 to accept authorized wagers.
 16 c. Notwithstanding any other provision of law or regulation to the
 17 contrary, from April first, two thousand twenty-three to March thir