Cuomo's revenue raisers: horses, Quick Draw, 'free game credits'
Wednesday, February 02, 2011 - 09:53 AM
So, just a few words on where Andrew Cuomo expects to raise money for his budget without raises taxes.
Basically, it's mostly coming from gambling.
From the "Revenue Actions" section of the governor's budget book:
$11,922,000 - an "amended fee" for people requesting Security Clearance Requests clearance checks - jumping fro $5 to $60.
$7,600,000 - a new 2 3/4 percent charge on "purses for all horse races conducted within the state."
$22,000,000 - repealing a tax benefit for "cooperative insurance companies" with profits exceeding $25 million.
$5,000,000 - automatically withholding a lottery winner's unpaid taxes.
$200,000,000 - requiring all sales tax vendors to file their taxes electronically, which will result "in increased State revenue through denied refunds." Also, require "more frequent filing from sales tax filers who have poor filing records."
$38,000,000 - granting "free game credits" on video lottery games "to induce frequent players to use paid credits [money] when their 'free play' is exhausted."
$4,000,000 - expand the number of certain instant games.
$10,000,000 - eliminate certain restrictions on where Quick Draw machines can be located.
$2,000,000 - combining video lottery games here with progressive jackpots (which grow larger until there's a winner).
$100,000,000-expand the Lottery sales force, and add things like a "Megaplier" feature on the Mega Millions game.
$55,000,000 - shorten the length of time a vendor is allowed to hold onto uncollected property or money, from 5 or 6 years, down to 3 years. Uncollected money is turned over to the state.
These actions are expected to raise $455,552,000 this year, in Cuomo's budget.