This text of New York § 115-B (Market origin credits) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 115-b. Market origin credits.
1.Notwithstanding any other provision\nof law to the contrary, any racing associations and corporations,\nfranchised corporations, and off-track betting corporations that makes a\npayment of the regulatory fees imposed by this chapter may reduce such\npayment by an amount equal to the market origin credit allocated to such\nracing association or corporation, franchised corporation, or off-track\nbetting corporation by the commission. The commission shall allocate\ncredits in an amount equal to eighty-two and six-tenths percent of the\namount received from the market origin fee paid pursuant to subdivision\nsix of section one thousand twelve-a of this chapter for the period from\nthe sixteenth day of the preceding month through the fifteenth day of\nthe cu
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§ 115-b. Market origin credits. 1. Notwithstanding any other provision\nof law to the contrary, any racing associations and corporations,\nfranchised corporations, and off-track betting corporations that makes a\npayment of the regulatory fees imposed by this chapter may reduce such\npayment by an amount equal to the market origin credit allocated to such\nracing association or corporation, franchised corporation, or off-track\nbetting corporation by the commission. The commission shall allocate\ncredits in an amount equal to eighty-two and six-tenths percent of the\namount received from the market origin fee paid pursuant to subdivision\nsix of section one thousand twelve-a of this chapter for the period from\nthe sixteenth day of the preceding month through the fifteenth day of\nthe current month. The commission shall notify participants of\nallocations on or before the twentieth day of the current month.\n 2. The commission shall allocate credits to racing associations and\ncorporations, franchised corporations, and off-track betting\ncorporations in the following amounts:\n a. Thirty-six and seven-tenths percent of the amount received from the\nmarket origin fee paid pursuant to subdivision six of section one\nthousand twelve-a of this chapter to regional off-track betting\ncorporations. Allocations to individual regional off-track betting\ncorporations shall be made based on a ratio where the numerator is the\nregional corporation's total in-state handle for the previous calendar\nyear as calculated by the commission and the denominator is the total\nin-state handle of all the regional off-track betting corporations for\nthe previous calendar year as calculated by the commission;\n b. Forty-five and nine-tenths percent of the amount received from the\nmarket origin fee paid pursuant to subdivision six of section one\nthousand twelve-a of this chapter to the racing associations and\ncorporations and franchised corporations. Allocations to individual\nracing associations and corporations and franchised corporations shall\nbe made as follows:\n (i) Sixty percent to thoroughbred racing associations and franchised\ncorporations. Five-sixths shall be allocated to a franchised corporation\nand one-sixth shall be allocated to a thoroughbred racing association.\n (ii) Forty percent to harness racing associations and corporations.\nAllocations to individual harness racing associations and corporations\nshall be made based on a ratio where the numerator is the association's\nor corporation's total in-state handle on live racing for the previous\ncalendar year as calculated by the commission and the denominator is the\ntotal in-state on live handle for all harness racing associations and\ncorporations for the previous calendar year as calculated by the\ncommission.\n 3. As a condition for any racing association or corporation or\nfranchised corporation to claim any market origin credits allocated to\nit, such racing association or corporation or franchised corporation\nmust make payments for moneys otherwise to be used to pay the regulatory\nfee as follows:\n (i) Payment of an amount equal to forty percent of the allocated\ncredits into an account used solely for the purpose of enhancing purses\nat such racing association or corporation or franchised corporation.\nSuch payment shall be made within five days from receipt of notification\nof an allocation by the commission of an allocation of market origin\ncredits;\n (ii) Payment of an amount equal to twenty percent of the allocated\ncredits to the state's breeding funds. Sixty percent of the payments to\nthe breeding funds shall be allocated to the New York state thoroughbred\nbreeding and development fund corporation established pursuant to\nsection two hundred fifty-two of this chapter, and forty percent to the\nagriculture and New York state horse breeding development fund\nestablished pursuant to section three hundred thirty of this chapter.\nSuch payment shall be made within five days from receipt of notification\nof an allocation by the commission of an allocation of market origin\ncredits.\n 4. The commission shall promulgate any rules and regulations necessary\nfor the administration of the market origin credit.\n