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| [ Introduced ] | [ Senate Amendment 001 ] |
92_SB2291eng SB2291 Engrossed LRB9215448LDtm 1 AN ACT in relation to gaming. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Horse Racing Act of 1975 is 5 amended by adding Section 34.2 as follows: 6 (230 ILCS 5/34.2 new) 7 Sec. 34.2. Racetrack consolidation. 8 (a) Findings. The General Assembly finds that 9 encouraging organization licensees to consolidate will be 10 beneficial to the horse racing industry. The General 11 Assembly declares it to be the public policy of this State to 12 enhance the viability of the horse racing industry by 13 encouraging organization licensees to consolidate and not be 14 penalized or lose any rights, benefits, or powers by reason 15 of such consolidation. 16 (b) Consolidation. Notwithstanding any provision of 17 this Act to the contrary, if 2 or more existing organization 18 licensees consolidate into a single organization licensee or 19 otherwise form a joint venture, corporation, limited 20 liability company, or similar consolidated enterprise 21 (consolidated organization licensee) whereby the consolidated 22 organization licensee makes application or joint application, 23 as the case may be, as a single organization licensee, or 24 such existing licensees, after consolidation, make separate 25 applications in the names of such pre-existing licensees, the 26 newly consolidated organization licensee or each such 27 separate pre-existing licensee shall thereafter retain and be 28 entitled to all of the rights, benefits, and powers under 29 this Act that would have otherwise accrued to each such 30 individual pre-consolidation organization licensee but for 31 such consolidation, regardless of whether all or a portion of SB2291 Engrossed -2- LRB9215448LDtm 1 the facilities of a pre-consolidation licensee are sold, 2 transferred, or otherwise cease to be utilized by the newly 3 consolidated organization licensee or either of the 4 pre-existing licensees. Such multiple rights, benefits, and 5 powers shall include, but not be limited to: 6 (1) the authority to make application for and 7 receive, within the discretion of the Board, racing 8 dates, including host track days, in the same manner as 9 the individual pre-consolidation organization licensees 10 and the racetracks from which the organization licensees 11 derive their licenses; 12 (2) the right to retain the existing inter-track 13 wagering licenses and inter-track wagering location 14 licenses of the individual pre-consolidation organization 15 licensees and the racetracks from which the organization 16 licensees derive their licenses, and the authority to 17 make application for future inter-track wagering licenses 18 and inter-track wagering location licenses in the same 19 manner as each individual pre-consolidation organization 20 licensee and the racetracks from which each 21 pre-consolidation organization licensee derives its 22 license, had or has in its own right; 23 (3) the right to receive the benefits under 24 paragraph (13) of subsection (g) of Section 26 and 25 Section 54 of this Act in the same manner as the 26 individual pre-consolidation organization licensees and 27 the racetracks from which the organization licensees 28 derive their licenses each had or has in its own right; 29 and 30 (4) all existing and future rights, benefits, and 31 powers that the individual pre-consolidation organization 32 licensees and the racetracks from which the organization 33 licensees derive their licenses would have had or 34 received but for the consolidation. SB2291 Engrossed -3- LRB9215448LDtm 1 The newly consolidated organization licensee shall be 2 subject to such taxation and fees as other similarly situated 3 organization licensees. 4 (c) Pari-mutuel tax credit. If 2 or more organization 5 licensees and the racetracks from which the organization 6 licensees derive their licenses consolidate pursuant to this 7 Section, the consolidated organization licensee or separate 8 pre-consolidation licensees shall have 6 months to decide 9 whether it or they will continue to receive the entire 10 pari-mutuel tax credit under Section 32.1 that the 11 organization licensees and the racetracks from which the 12 organization licensees derive their licenses would have been 13 entitled to if they had not consolidated. Once made, this 14 decision is irrevocable. 15 To retain the entire pari-mutuel tax credit, the 16 consolidated organization licensee and the racetracks from 17 which the consolidated organization licensee derives its 18 licenses or separate pre-existing licensees must conduct 19 activities authorized under this Act at some or all of the 20 facilities that were operated by the organization licensees 21 prior to the consolidation. 22 If a consolidated organization licensee or separate 23 pre-existing licensee that elects to retain the entire 24 pari-mutuel tax credit does not conduct any activity 25 authorized under this Act at any of the facilities that 26 belonged to one of the organization licensees that 27 consolidated under this Section in a calendar year, the 28 consolidated organization licensee or separate pre-existing 29 licensee shall not receive the pari-mutuel tax credit for 30 those facilities at which no operations authorized by this 31 Act are conducted in that calendar year nor in any year 32 thereafter. 33 Notwithstanding any provision in subsection (b) to the 34 contrary, if 2 or more organization licensees consolidate SB2291 Engrossed -4- LRB9215448LDtm 1 pursuant to this Section and do not use any portion of the 2 facilities of a pre-consolidation organization licensee, the 3 consolidated organization licensee shall receive the 4 pari-mutuel tax credit for the facilities of that 5 pre-consolidation organization licensee only until December 6 31st of the second full calendar year following consolidation 7 as to tax bills payable during such years. 8 Section 99. Effective date. This Act takes effect upon 9 becoming law.