The bill amends sections 29-22A-10 and 29-22A-10b of the Code of West Virginia to enhance the distribution of net terminal income from racetrack video lottery operations to municipalities and counties. A key feature of the legislation is the establishment of a Licensed Racetrack Modernization Fund, which will receive deposits based on net terminal income, allowing licensed racetracks to recover funds for facility modernization improvements. For every $2 spent on eligible improvements, racetracks will receive $1 back from this fund. The bill also details the allocation of net terminal income to various funds, including the State Lottery Fund, the Workers Compensation Debt Reduction Fund, and the Veterans Memorial Program, ensuring that local municipalities and state programs are adequately supported.

Additionally, the bill emphasizes the importance of electronic fund transfers for remitting gross terminal income and requires racetracks to maintain sufficient account balances. It mandates that any discrepancies in income reporting must be resolved by the racetracks, with the commission retaining authority over unresolved cases. The legislation allows racetracks to request additional reports from the commission, which may charge a fee, and grants the commission the authority to examine all financial records related to the racetracks. The distribution of excess net terminal income is specified, with 41% allocated to the commission and 2% to the counties where the terminals are located, along with provisions for employee pensions and other funds, ensuring a structured approach to financial management in video lottery operations.

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