This bill amends sections 29-22A-10 and 29-22A-10b of the West Virginia Code, focusing on the racetrack video lottery and the distribution of net terminal income to municipalities. Key changes include a requirement for licensed racetracks to provide the commission with 30 days' advance notice of any account changes to ensure uninterrupted electronic fund transfers. The bill also modifies the commission's ability to receive gross terminal income, allowing for potential increases beyond previous limits, and establishes a Licensed Racetrack Modernization Fund to support facility improvements and modernization efforts.

Additionally, the bill introduces a new provision specifying that municipalities located in the county where a racetrack is situated will receive one percent of the net terminal income, divided based on the most recent census, replacing the previous method of equal distribution among municipalities. It clarifies the distribution percentages for various entities, including the West Virginia Racing Commission and the tourism promotion fund, and outlines conditions for certain distributions to expire and redirect to a special fund for regular purses. Overall, the bill aims to enhance the financial framework surrounding racetrack video lottery operations and ensure a more equitable distribution of funds to local governments.

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