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A08468 Summary:

BILL NOA08468A
 
SAME ASSAME AS S08485
 
SPONSORRosenthal L
 
COSPNSRSeawright, Gottfried, Epstein, Gonzalez-Rojas, Simon, Kim, Fernandez, Burgos, Mamdani, Forrest, Gallagher, Montesano
 
MLTSPNSR
 
Amd §§1612 & 1617-a, rpld §1612 sub b ¶3, Tax L; rpld §1355 sub 1 ¶(b), RWB L
 
Relates to the investment of funds wagered on video lottery gaming for certain horse races.
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A08468 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A8468A
 
SPONSOR: Rosenthal L
  TITLE OF BILL: An act to amend the tax law, in relation to the investment of funds wagered on video lottery gaming for certain horse races; to repeal certain provisions of the tax law relating thereto; and to repeal para- graph b of subdivision 1 of section 1355 of the racing, pari-mutuel wagering and breeding law relating thereto   PURPOSE: This legislation will end racing subsidies in New York State and invest the revenue generated from video lottery gaming facilities at racetracks to education and communities throughout the state.   SUMMARY OF SPECIFIC PROVISIONS: Section one amends subdivision f of section 1612 of the tax law. Section two amends paragraph 1-b of subdivision b of section 1612 of the tax law. Section three amends subdivision f-1 of section 1612 of the tax law. Section four amends paragraph 2 of subdivision b of section 1612 of the tax law. Section five repeals paragraph 3 of subdivision b of section 1612 of the tax law. Section six amends subdivision h of section 1612 of the tax law. Section seven amends paragraph 5 of subdivision a of section 1617-a of the tax law. Section eight repeals paragraph b of subdivision 1 of section 1355 of the racing, pari-mutuel wagering and breeding law. Section nine contains the severability clause. Section ten establishes the effective date.   JUSTIFICATION: Attendance at horse racing venues in New York State has sharply declined over the years. While the summer racing season at Saratoga remains popu- lar, stands at Yonkers Raceway, Aqueduct Racetrack and others are prac- tically empty. The decline in the popularity of horse racing in recent years has been partly attributed to the public's increasing disapproval of cruelty within the industry, evidenced by doping scandals and the high numbers of injuries and deaths. Despite horse racing's diminishing attraction, New York State continues to provide millions of dollars in subsidies each year to prop up the industry. Other states, including Kentucky, California, Illinois, and Texas do not provide state subsidies to their racing industry. Each year, approximately $250 million in revenue generated by the state's casino industry is diverted to support the horse racing indus- try. This revenue would be better spent investing in New York State's education system as well as economic development in communities where racing occurs. A 2021 Marist poll found that just 9% of New Yorkers support state subsidies of horse racing, and as the horse racing indus- try continues to decline in popularity, it is time to reinvest these subsidies in areas that will truly help New Yorkers.   LEGISLATIVE HISTORY: New bill.   FISCAL IMPLICATIONS: To be determined.   EFFECTIVE DATE: This act shall take effect immediately.
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