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Can you summarize Tex. Occ. Chapter 2024?
TEXAS RACING ACT > POWERS AND DUTIES OF COMPTROLLER
Short Summary
The provided legal document content pertains to the powers and duties of the comptroller under the Texas Racing Act. The comptroller is authorized to adopt rules for enforcement purposes and has the authority to inspect books, records, and financial statements required by the commission. The comptroller and authorized agents have the right to enter the office, racetrack, or other place of business of racetrack associations or totalisator license holders to inspect books, records, financial statements, and test the totalisator system for accuracy. The document does not apply to money deposited into the Texas-bred incentive fund. Penalties for non-compliance include a penalty of the greater of five percent of the total amount due or $1,000 for failure to pay the state’s share or file a report on time. An additional penalty of one percent of the unpaid amount of the state’s share is added for each business day that the required report or payment is late, up to a maximum penalty of 12 percent. It is important to note that a penalty under this section may be waived in certain situations as specified in Section 111.103 of the Tax Code.
Whom does it apply to?
Comptroller, racetrack associations, totalisator license holders
What does it govern?
Powers and duties of the comptroller under the Texas Racing Act
What are exemptions?
Money deposited into the Texas-bred incentive fund established under Section 2028.301
What are the Penalties?
Failure to pay the state's share or file a report on time: penalty of the greater of five percent of the total amount due or $1,000; additional penalty of one percent of the unpaid amount of the state's share for each business day that the required report or payment is late, up to a maximum penalty of 12 percent
Jurisdiction
Texas