This bill aims to amend the distribution of net terminal income and adjusted gross receipts related to racetrack video lottery and table games in West Virginia. It proposes significant changes, including the restoration of funds that were previously removed in 2014. Specifically, the bill allows the commission to transfer up to $9 million to the Licensed Racetrack Modernization Fund and mandates that distributions, except for certain exceptions, be reduced by 100 percent for the fiscal year beginning July 1, 2014, and each fiscal year thereafter. The total amount of these reductions will be redirected to the State Excess Lottery Revenue Fund, which will be utilized according to appropriations.

Additionally, the bill outlines the priority for debt service payments from the State Excess Lottery Fund before any other appropriations are made. It also includes provisions for the Governor to redirect revenues derived from net terminal income to the General Revenue Fund under specific conditions, particularly in the event of a budget shortfall. The proposed changes reflect a comprehensive effort to adjust the financial framework governing the state's lottery and gaming revenues, ensuring that funds are allocated effectively while addressing past financial adjustments.

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