New York A 5940: Allows off-track betting corporations to set up special reserve funds

Bill Text

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A05940 Summary:

BILL NOA05940 

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SAME ASNo Same As

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SPONSORWoerner

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COSPNSR

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MLTSPNSR

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Add §509-b, RWB L

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Allows off-track betting corporations to set up special reserve funds to use as an alternative to current capital acquisition funds.

Go to top A05940 Actions:

BILL NOA05940 

&nbsp

02/25/2025referred to racing and wagering

01/07/2026referred to racing and wagering

Go to topA05940 Committee&nbspVotes:

Go to topA05940 Floor&nbspVotes:

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

Go to topA05940 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5940

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 25, 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 allowing off-track betting corporations to set up special
 reserve funds

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The racing, pari-mutuel wagering and breeding law is
 2 amended by adding a new section 509-b to read as follows:
 3 § 509-b. Special reserve fund. The corporation may create and estab-
 4 lish a special reserve fund for the purpose of making any statutory
 5 payments to any New York state entity as required by law, including
 6 payments to New York state tracks. Such special reserve fund shall
 7 consist of the amounts specified pursuant to subdivision three-a of
 8 section five hundred thirty-two of this chapter. No such one percent
 9 contribution may be made to the special reserve fund if such one percent
 10 contribution is made to the capital acquisition fund under section five
 11 hundred nine-a of this article. If such one percent contribution is
 12 made to the special reserve fund:
 13 1. such contribution shall not exceed the amount of one percent of the
 14 total pari-mutuel wagering pools for the quarter in which such contrib-
 15 ution is made;
 16 2. such contribution shall not 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 3. the balance of such fund shall not exceed the lesser of one percent
 20 of total pari-mutuel wagering pools for the previous twelve months, or
 21 the undepreciated value of the corporation's offices, facilities, and
 22 premises.
 23 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09414-01-5

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