Charity racing days: distribution of proceeds.

Existing law, the Horse Racing Law, requires each licensed racing association to designate a certain number of racing days to be conducted as charity days for the purpose of distribution of the net proceeds to beneficiaries. Existing law requires that beneficiaries of these proceeds be a nonprofit corporation or organization entitled by law to receive a distribution made by a distributing agent, exempt or entitled to exemption from state and federal income taxes, engaged in specified beneficial activities, and approved by the California Horse Racing Board. Existing law requires, among other distributions, that at least 30% of the distribution from charity day racing go to charities associated with the horse racing industry. This bill would instead require that at least 40% of the distribution from charity day racing go to charities associated with the horse racing industry.