California CodesBusiness and Professions Code - BPCDivision 8 — Special Business RegulationsChapter 4 — Horse RacingArticle 7 — Charity Racing DaysSection 19553
On such charity days the income from all operations carried on in connection with or resulting from the conduct of racing on such days, including income from parimutuel wagering, admissions, parking, program sales and concessions shall be income from operations on such charity days.
From the gross income from such operations on charity days there shall be deducted only the expenses incurred because of the conduct of racing on such days, but no deduction shall be made by the licensee for any overhead expenses or for expenses of the licensee which would be incurred irrespective of the conduct of the charity days racing.
The balance of such income after such deductions is herein designated as charity days’ net proceeds and shall be paid by such licensee to a distributing agent selected and qualified in accordance with this article. No profit shall be made, either directly or indirectly, from such charity days’ operations by the licensee of the meeting.
Notes
Requires income from operations connected with charity-day racing, including wagering, admissions, parking, programs, and concessions, to count as charity-day income, with deductions only for expenses caused by those racing days and not overhead or otherwise-incurred expenses. Requires the remaining net proceeds to be paid to a qualified distributing agent and prohibits the licensee from making any direct or indirect profit.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 19553 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-8/chapter-4/article-7/section-19553