§ 531. Reduction of local admissions taxes as a pre-condition of off-track betting. 1. Notwithstanding article eight of this chapter and subdivision twenty-four of § 64 of the town law, no locally imposed taxes on admissions to harness or running races shall be in the aggregate more than three percent of such admissions on and after the first day that off-track pari-mutuel betting is conducted or continues to be conducted in such locality imposing the tax by a regional corporation, pursuant to this article, established for the region in which such races are conducted.

Terms Used In N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 531

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

2. A regional corporation, except for such corporations consisting of only one participating county or one city, shall annually reimburse any city or town within such region for any reduction in admissions tax revenues equal to the difference between such revenues for:

a. the twelve months immediately preceding the reduction required by this section, and

b. each twelve-month period subsequent to July thirty-first, nineteen hundred seventy-eight.

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