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 to municipalities and counties. It establishes a Licensed Racetrack Modernization Fund, which will receive deposits based on net terminal income, allowing licensed racetracks to recoup expenses for facility modernization improvements at a rate of $1 for every $2 spent on eligible improvements. The bill also details the allocation of net terminal income to various funds, including the State Lottery Fund and local governments, while introducing new requirements for electronic fund transfers and maintaining account balances equal to gross terminal income.

Furthermore, the legislation specifies that any net terminal income exceeding the amount generated during the fiscal year ending June 30, 2001, will be distributed to entities such as the West Virginia Racing Commission and local counties, with provisions for employee pension plans and development funds for thoroughbred and greyhound breeding. The bill clarifies the commission's authority to examine financial records related to licensed racetracks and allows racetracks to request additional reports from the commission for a reasonable fee. Set to take effect 90 days after passage, the bill aims to enhance financial management and ensure a fair distribution of net terminal income while providing transparency and oversight.

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