New York Assembly Bill A03427 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 3427 2023-2024 Regular Sessions  IN ASSEMBLY February 3, 2023 ___________ Introduced by M. of A. PRETLOW -- read once and referred to the Commit- tee on Racing and Wagering AN ACT to amend the tax law, in relation to the distribution of the additional vendor's marketing allowance by any operator of a racetrack located in the county of Westchester The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (iii) of paragraph 1 of subdivision b of 2 section 1612 of the tax law is amended by adding a new clause (C) to 3 read as follows: 4 (C) The additional vendor's marketing allowance for any operator of a 5 racetrack located in the county of Westchester expended by such operator 6 for marketing shall not exceed eight percent of the total revenue 7 wagered at the vendor track after payout for prizes pursuant to this 8 chapter in any year and the remainder of such additional vendor's 9 marketing allowance for such operator calculated pursuant to this subdi- 10 vision, not to exceed twenty-five million dollars annually, shall be 11 paid by such operator to the Yonkers city school district board of 12 education in quarterly payments commencing July first, two thousand 13 twenty-four to support and maintain educational programs established 14 pursuant to the settlement agreement dated January thirty-first, two 15 thousand two in United States of America v. Yonkers Board of Education. 16 Notwithstanding any other provision of law, rule or regulation to the 17 contrary, such amount provided pursuant to this subdivision shall be in 18 addition to any annual maintenance of effort requirement imposed on the 19 state or city of Yonkers. 20 § 2. This act shall take effect July 1, 2024. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08181-01-3