Section 531. Reduction of local admissions taxes as a pre-condition of off-track betting

1. Notwithstanding article eight of this chapter, and
  subdivision twenty-four of section sixty-four of the town law no locally
  imposed taxes on admissions to harness or running races shall be in  the
  aggregate more than three per centum of such admissions on and after the
  first  day  that off-track pari-mutuel betting is conducted or continues
  to be conducted  in  such  locality  imposing  the  tax  by  a  regional
  corporation,  pursuant  to  this  article, established for the region in
  which such races are conducted.
    2. A regional corporation, except for such corporations consisting  of
  only  one participating county or one city, shall annually reimburse any
  city or town within such region for  any  reduction  in  admissions  tax
  revenues equal to the difference between such revenues for:
    a.  The  twelve months immediately preceding the reduction required by
  this section, and
    b. Each twelve-month period subsequent to July thirty-first,  nineteen
  hundred seventy-eight.