§287. Payment of state share

Link to law: http://legislature.maine.gov/legis/statutes/8/title8sec287.html
Published: 2015

§287. Payment of state share








1. Payment. 
Amounts calculated as state share under section 286 must be paid to the Treasurer
of State for deposit in the operating account established under section 267-A. If the total of regular and exotic wagers placed at facilities licensed under this
chapter exceeds $35,000,000 for any calendar year, the portion payable to the operating account must be distributed in accordance with this section. All wagers placed at off-track
betting facilities and racetracks must be included in making this calculation, including
wagers made in this State to commingled pools.


[
2007, c. 539, Pt. G, §9 (AMD);
2007, c. 539, Pt. G, §15 (AFF)
.]








2. Commercial meet account. 
The Treasurer of State shall deposit in a commercial meet account 72% of the revenue
credited to the operating account under this section that is attributable to amounts in excess of $35,000,000. This
account must be divided in the proportion that the contributions of regular and exotic
wagers of pari-mutuel pools on live racing made or conducted at the commercial meets
of each licensee during the calendar year bear to the total contributions of regular
and exotic wagers to pari-mutuel pools on live racing made or conducted at the commercial
meets of all licensees during that calendar year. Licensees sharing in this distribution
shall use 1/2 of the funds received for the purpose of supplementing purse money.
The other 1/2 of this distribution must be paid to the commercial licensees as reimbursement
for improvements made to their racing facilities in the calendar year during which
the funds are generated or, beginning January 1, 2000, during the prior year. To
receive reimbursement, commercial licensees must submit plans for the improvements
to the commission and receive approval from the commission prior to making the improvements,
and the commission must verify that the approved improvements have been made.


[
2007, c. 539, Pt. G, §9 (AMD);
2007, c. 539, Pt. G, §15 (AFF)
.]








3. Payment to Stipend Fund. 
Nine percent of the revenue credited to the operating account under this section that is attributable to amounts in excess of $35,000,000 must
be distributed to the Stipend Fund as provided in Title 7, section 86.


[
2007, c. 539, Pt. G, §9 (AMD);
2007, c. 539, Pt. G, §15 (AFF)
.]








4. Sire Stakes Fund. 
Nine percent of the revenue credited to the operating account under this section that is attributable to amounts in excess of $35,000,000 must
be paid to the commission to be credited to the Sire Stakes Fund as provided in section
281.


[
2007, c. 539, Pt. G, §9 (AMD);
2007, c. 539, Pt. G, §15 (AFF)
.]








5. Definition. 
For the purposes of this section, "improvements" means the amount paid out for new
buildings or for permanent improvements made to improve the facilities utilized by
the licensee for conducting its racing meetings; or the amount expended in restoring
property or in improving the facility or any part of the facility that results in
the addition, replacement or substantial enhancement or restoration of a fixed asset
or of a movable asset that is important to efficient operation of the racing meetings.
In general, the amounts referred to as improvements include amounts paid that add
to the value, improve or substantially prolong the useful life of the racetrack and
moveable assets utilized by the licensee for conducting its racing meetings. Amounts
paid or incurred for routine repairs and maintenance of property, interest expense
or lease payments in connection with the capital improvements are not improvements
within the meaning of this section. In order to qualify as an improvement, a substantial
enhancement or restoration of an asset must cost at least $2,000 and must be an expenditure
that would qualify for depreciation under the United States Internal Revenue Code.
A moveable asset may be considered important to the efficient operation of a race
meeting if the asset will remain at the commercial track or at the offices of the
licensee throughout its use and if that asset is directly associated with running
races, accommodating patrons of the race meet, conducting pari-mutuel wagering or
paying purses.


[
1999, c. 622, §1 (AMD)
.]








6. Timing of payment. 
Payment under this section must be made no later than 7 days after each race and
must be accompanied by a report under oath showing the total of all contributions
to pari-mutuel pools covered by the report and other information the commission requires.


[
1997, c. 528, §46 (NEW)
.]








7. Interim payments to commercial tracks. 
If during the course of any calendar year the commission finds that wagers placed
at facilities licensed under this chapter for the year are likely to exceed $35,000,000,
it may, if reasonably necessary for improvements to be effected expeditiously, direct
the Treasurer of State to make interim payments to a commercial track in amounts as
the commission finds the commercial track is likely to be entitled to receive under
this section. If a commercial track receives interim payments under this subsection
that exceed the total amount the commercial track is entitled to receive for the calendar
year, the Treasurer of State shall reimburse the operating account for this excess by retaining money otherwise due to that commercial track pursuant
to section 295.


[
2007, c. 539, Pt. G, §9 (AMD);
2007, c. 539, Pt. G, §15 (AFF)
.]





SECTION HISTORY

1997, c. 528, §46 (NEW).
1999, c. 622, §§1,2 (AMD).
2005, c. 563, §6 (AMD).
2007, c. 539, Pt. G, §9 (AMD).
2007, c. 539, Pt. G, §15 (AFF).
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