99D.8 - HORSE OR DOG RACING LICENSES -- APPLICATIONS.
99D.8 HORSE OR DOG RACING LICENSES -- APPLICATIONS.
A qualifying organization, as defined in section 513(d)(2)(C) of
the Internal Revenue Code, as defined in section 422.3, exempt from
federal income taxation under sections 501(c)(3), 501(c)(4), or
501(c)(5) of the Internal Revenue Code or a nonprofit corporation
organized under the laws of this state, whether or not it is exempt
from federal income taxation, which is organized to promote those
purposes enumerated in section 99B.7, subsection 3, paragraph
"b", or which regularly conducts an agricultural and educational
fair or exposition for the promotion of the horse, dog, or other
livestock breeding industries of the state, or an agency,
instrumentality, or political subdivision of the state, may apply to
the commission for a license to conduct horse or dog racing. The
application shall be filed with the administrator of the commission
at least sixty days before the first day of the horse race or dog
race meeting which the organization proposes to conduct, shall
specify the day or days when and the exact location where it proposes
to conduct racing, and shall be in a form and contain information as
the commission prescribes.
If any part of the net income of a licensee is determined to be
unrelated business taxable income as defined in sections 511 through
514 of the Internal Revenue Code, or is otherwise taxable, the
licensee shall be required to distribute such amount to political
subdivisions in the state and organizations described in section
501(c)(3) of the Internal Revenue Code in the county in which the
licensee operates.
An organization which meets the requirements of this section, as
amended, on or before July 1, 1988, shall be considered to have met
the requirements of this section on the date that its initial
application was originally filed. Section History: Recent Form
83 Acts, ch 187, § 8; 88 Acts, ch 1243, § 1; 95 Acts, ch 176, §1
Referred to in § 99D.9, 99D.10