This bill amends sections 29-22A-10 and 29-22A-10b of the West Virginia Code, focusing on the management and distribution of net terminal income from racetrack video lottery operations. Key changes include a requirement for licensed racetracks to notify the commission 30 days in advance of any account changes to maintain uninterrupted electronic fund transfers. The bill also modifies the commission's authority regarding the receipt of gross terminal income, changing the language from "shall" to "may" for income exceeding the fiscal year ending June 30, 2001. A significant new provision establishes that municipalities in counties with racetracks will receive one percent of the net terminal income, distributed based on population according to the most recent decennial census, replacing the previous equal share distribution method.

Additionally, the bill creates a Licensed Racetrack Modernization Fund, which will receive contributions from racetracks to cover administrative costs. It specifies conditions for racetracks to recoup expenses related to facility modernization and capital improvements, including a requirement that video lottery terminals financed through this fund must remain in West Virginia for at least five years. The bill also clarifies the distribution percentages for various entities, including the West Virginia Racing Commission and the Workers Compensation Debt Reduction Fund, while outlining conditions for the expiration of certain distributions. Overall, the bill aims to enhance the financial management of video lottery revenues and ensure a fairer allocation of funds to local municipalities.

Statutes affected:
Introduced Version: 29-22A-10, 29-22A-10b