New York off-track betting corporations can establish special reserve funds as an alternative to capital acquisition funds.
New York Assembly Bill A05940 amends the racing, pari-mutuel wagering, and breeding law to allow off-track betting corporations to create special reserve funds. These funds can be used for statutory payments to New York state entities. Contributions to the special reserve fund cannot exceed one percent of the total pari-mutuel wagering pools for the quarter and must not reduce quarterly net revenues below fifty percent.
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