House File 678 - Introduced



                                       HOUSE FILE       
                                       BY  COMMITTEE ON STATE
                                           GOVERNMENT

                                       (SUCCESSOR TO HSB 178)


    Passed House, Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act concerning audits conducted by a licensee conducting
  2    pari=mutuel wagering and providing an effective date.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2348HV 83
  5 ec/nh/14

PAG LIN



  1  1    Section 1.  Section 99D.20, Code 2009, is amended to read
  1  2 as follows:
  1  3    99D.20  AUDIT OF LICENSEE OPERATIONS.
  1  4    Within ninety days after the end of each race meeting
  1  5 calendar year, the licensee shall transmit to the commission
  1  6 an audit of the financial transactions and condition of the
  1  7 licensee's operations conducted under this chapter.
  1  8 Additionally, within ninety days after the end of the
  1  9 licensee's fiscal year, the licensee shall transmit to the
  1 10 commission an audit of the licensee's total racing and gaming
  1 11 operations, including an itemization of all expenses and
  1 12 subsidies.  All audits shall be conducted by certified public
  1 13 accountants registered authorized to practice in the state of
  1 14 Iowa under chapter 542 who are selected by the board of
  1 15 supervisors of the county in which the licensee operates.
  1 16    Sec. 2.  Section 99F.13, Code 2009, is amended to read as
  1 17 follows:
  1 18    99F.13  ANNUAL AUDIT OF LICENSEE OPERATIONS.
  1 19    Within ninety days after the end of the licensee's fiscal
  1 20 year, the licensee shall transmit to the commission an audit
  1 21 of the licensee's total gambling operations, including an
  1 22 itemization of all expenses and subsidies.  All audits shall
  1 23 be conducted by certified public accountants registered or
  1 24 licensed authorized to practice in the state of Iowa under
  1 25 chapter 542 who are selected by the board of supervisors of
  1 26 the county in which the licensee operates.
  1 27    Sec. 3.  EFFECTIVE DATE.  This Act, being deemed of
  1 28 immediate importance, takes effect upon enactment.
  1 29                           EXPLANATION
  1 30    This bill provides that a licensee to conduct pari=mutuel
  1 31 wagering shall transmit to the racing and gaming commission an
  1 32 audit of the financial transactions and condition of the
  1 33 licensee's operations 90 days after the end of each calendar
  1 34 year instead of 90 days after the end of each race meeting.
  1 35    The bill also provides that audits conducted for licensees
  2  1 to conduct pari=mutuel wagering or gambling games shall be
  2  2 done by certified public accountants authorized to practice in
  2  3 the state, eliminating the requirement that the accountant be
  2  4 registered or licensed.
  2  5    The bill takes effect upon enactment.
  2  6 LSB 2348HV 83
  2  7 ec/nh/14