This bill amends several sections of the Code of West Virginia to modify the distribution of net terminal income from racetrack video lottery and adjusted gross receipts from racetrack table games. It allows the commission to transfer up to $9 million annually to the Licensed Racetrack Modernization Fund starting from the fiscal year 2014. Additionally, it mandates that for each fiscal year thereafter, certain distributions will be reduced by 100 percent, with the total amount of these reductions being redirected to the State Excess Lottery Revenue Fund. The bill also stipulates that any appropriations from this fund must first cover debt service payments, and subsequent distributions will be made on a pro rata basis.

Furthermore, the bill includes provisions that allow the Governor to redirect revenues derived from net terminal income to the General Revenue Fund under specific conditions, such as a budget shortfall exceeding $100 million. It also aims to restore funds that were previously removed from net terminal income in 2014, ensuring that the financial structure supporting the racetrack video lottery and table games is reinforced. The changes are intended to enhance the financial stability of these gaming operations while ensuring that funds are appropriately allocated to support state revenue needs.

Statutes affected:
Introduced Version: 29-22A-10d, 29-22A-10e, 29-22C-27a