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NY S02717
Bill
Status
8/30/2010
Primary Sponsor
Eric Adams
Click for details
AI Summary
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Requires regional off-track betting (OTB) corporations to submit a copy of their annual budget to the State Racing and Wagering Board within 20 days of board approval by the corporation's board of directors
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Authorizes the State Racing and Wagering Board to direct an OTB corporation to conduct an audit of its business and managerial practices at the corporation's own expense if the board finds reasonable basis to believe the corporation is not complying with board rules, regulations, or applicable law
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Board must provide a written report setting forth its findings before directing an audit, and the audit direction requires a majority vote by the board
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Updates references in law from "state tax commission" to "Department of Taxation and Finance"
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Takes effect 180 days after enactment, with the State Racing and Wagering Board authorized to promulgate implementing rules and regulations prior to that date
Legislative Description
Directs OTB corporations to submit copy of annual budget to the racing and wagering board, and, upon finding of reasonable basis by such board to believe any such OTB corporation is not complying with applicable laws or rules and regulations, cause its business and managerial practices to be audited at its own expense.
Last Action
SIGNED CHAP.459
8/30/2010