SB 190 — Modifying requirement that racetrack participate in WV Thoroughbred Development Fund by certain date

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Red = new code to be enacted WEST virginia legislature regular session IntroducedCommittee Substitute for Senate Bill 190 By Senator WeldWeld, [Introducedoriginal Januarysponsor 9,[Originating 2020;in the Committee on Finance;

referredreported toon theJanuary Committee31, on2020] Finance]    A BILL to amend and reenact §29-22A-10b of the Code of West Virginia, 1931, as amended, relating to modifying the requirement that a racetrack must have participated in the West Virginia Thoroughbred Development Fund since, on, or before January 1, 1999, in order for counties to receive two percent of the net terminal income where the video lottery terminals are located.

(3) The county where the video lottery terminals are located shall receive two percent of the net terminal incomeincome: Provided, That (A) Any amount by which the total amount under this section and §29-22A-10(c)(3) of this code is in excess of the two percent received during fiscal year 1999 by a county in which a racetrack that offers thoroughbred horse racing is located that has participated in the West Virginia thoroughbred development fund since on or before January 1, 1999 shall be divided as follows:

Provided, That:

(A) Any amount by which the total amount under this section and §29-22A-10(c)(3) of this code is in excess of the two percent received during fiscal year 1999 by a county in which a racetrack that offers thoroughbred horse racing is located that has participated in the West Virginia thoroughbred development fund since on or before January 1, 1999 shall be divided as follows:

and (B) Any amount by which the total amount under this section and §29-22A-10(c)(3) of this code is in excess of the two percent received during fiscal year 1999 by a county in which a racetrack other than a racetrack described in paragraph (A),(A) of this proviso subdivision (3), subsection (a) of this sectionsubdivision is located and where the racetrack has been located in a municipality within the county since on or before January 1, 1999, shall be divided, if applicable, as follows:

and (C) This proviso shall not affect the amount to be received under this subdivision by any county other than a county described in paragraph (A) or (B),(B) of this proviso subdivision (3), subsection (a) of this section.subdivision;

(8) The Tourism Promotion Fund established in §5B-2-12 §5B-2I-6 of this code shall receive three percent of the net terminal income:

The purpose of this bill concerns the requirement that a racetrack must have participated in the West Virginia thoroughbredThoroughbred developmentDevelopment fundFund since on or before January 1, 19991999, in order for counties to receive two percent of the net terminal income where the video lottery terminals are located.

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