Horse racing: thoroughbred associations or fairs: wager deductions.

Existing law authorizes a thoroughbred association or fair, at the joint request of the association or fair and the horsemen's organization and subject to approval by the California Horse Racing Board, to deduct from the parimutuel pool, for any type of wager, an amount of 10% to 25%, inclusive, of the total amount handled for the meeting of the thoroughbred association or fair that accepts the wager. This bill would instead authorize the deduction of an amount in that range upon the filing of a specified written notice with, and approval by, the board specifying the percentage to be deducted and would provide that the percentage is to remain in effect until the filing of a subsequent notice with, and approval by, the board, unless otherwise specified in the notice. The bill would authorize certain distributions as prescribed in the Horse Racing Law to be modified or redirected upon the filing with, and approval by, the board of a written notice, as specified. The bill would require a notice to modify or redirect a distribution to be accompanied by a certain report of receipts and expenditures, and would require the filing of a report accounting for all receipts and expenditures in any of the affected funds with the board and certain legislative committees within one year of initial approval of a percentage deduction notice and annually thereafter if approval is extended by the board. The bill would require the consent of affected organizations and entities for a distribution modification or redirection and for an extension of a distribution modification or redirection, as provided. This bill would declare that it is to take effect immediately as an urgency statute.