Bill > A06019

This bill modifies the existing law regarding unclaimed funds in non-escrowed accounts for off-track betting, specifically changing how money from unclaimed winning tickets and refunds is handled. Previously, 95% of unclaimed funds were required to be paid to the Department of Taxation and Finance by March 15th, with penalties and interest for late payments, and the funds would be deposited into the state's general treasury. Under the new bill, any balance remaining unclaimed as of April 1st each year will instead be transferred directly to the regional corporation's operating account, allowing the corporation to use these funds for any corporate purposes. The bill also repeals several related clauses in the racing, pari-mutuel wagering and breeding law that were connected to the previous fund transfer requirements. This change gives regional betting corporations more flexibility in managing unclaimed funds and potentially provides them with an additional source of operating revenue. The bill will take effect 30 days after becoming law.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A6019