The bill amends sections 29-22A-10 and 29-22A-10b of the Code of West Virginia, focusing on the distribution of net terminal income from racetrack video lottery operations. It establishes a Licensed Racetrack Modernization Fund, allowing licensed racetracks to recover funds for facility improvements, with a reimbursement structure where for every $2 spent on eligible upgrades, racetracks receive $1 back, contingent on retaining video lottery terminals for at least five years. The bill also details the allocation of net terminal income to various funds, including the State Lottery Fund, county and municipal funds, and employee pension plans, while emphasizing the importance of electronic fund transfers and imposing penalties for noncompliance.

Furthermore, the bill addresses the distribution of excess net terminal income, specifying that any income exceeding the amount generated during the fiscal year ending June 30, 2001, will be allocated to entities such as the West Virginia Racing Commission and local counties. It introduces a provision allowing racetracks to request additional reports from the commission, which may charge a fee for these services. The commission's authority to examine financial records related to licensed racetracks is clarified, and the distribution of excess funds to counties and municipalities is based on historical income levels. The bill will take effect 90 days after passage.

Statutes affected:
Introduced Version: 29-22A-10, 29-22A-10b
Committee Substitute: 29-22A-10, 29-22A-10b
Engrossed Committee Substitute: 29-22A-10, 29-22A-10b
Enrolled Committee Substitute: 29-22A-10, 29-22A-10b