The bill amends sections of the Code of West Virginia concerning the distribution of lottery funds, particularly focusing on the allocation of net terminal income from video lottery operations at licensed racetracks. Key changes include the removal of certain language regarding the percentage allocated for net terminal income and the introduction of provisions that guarantee that the distribution of funds to specific counties will remain unaffected by allocations received by other counties. Additionally, the bill establishes a Licensed Racetrack Modernization Fund, which will receive deposits based on net terminal income, enabling racetracks to recover expenses related to facility modernization.

Furthermore, the bill specifies the distribution percentages of net terminal income to various entities, including the State Lottery Fund, local counties, and the West Virginia Thoroughbred and Greyhound Breeding Development Funds. It modifies the distribution structure to ensure that counties with racetracks receive a consistent share of income and clarifies the conditions for allocating funds for employee pensions and other projects. The bill also removes previous language regarding the distribution of net terminal income in counties with racetracks not located in municipalities, thereby streamlining the allocation process and enhancing the overall clarity and efficiency of lottery revenue distribution.

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