LD 1573
pg. 4
Page 3 of 10 An Act To Authorize a Tribal Commercial Track and Slot Machines in Washington C... Page 5 of 10
Download Bill Text
LR 1964
Item 1

 
Sec. 8. 8 MRSA §287, sub-§5, as amended by PL 1999, c. 622, §1, is
further amended to read:

 
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 tribal 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.

 
Sec. 9. 8 MRSA §287, sub-§7, as enacted by PL 1999, c. 622, §2, is
amended to read:

 
7. Interim payments to commercial tracks or tribal commercial
track. 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 or tribal commercial track in
amounts as the commission finds the commercial track or tribal
commercial track is likely to be entitled to receive under this
section. If a commercial track or tribal commercial track
receives interim payments under this subsection that exceed the
total amount the commercial track or tribal commercial track is
entitled to receive for the calendar year, the Treasurer of State
shall reimburse the General Fund for this excess by retaining
money otherwise due to that commercial track or tribal commercial
track pursuant to section 295.


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