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SF 3628

as introduced - 91st Legislature (2019 - 2020) Posted on 02/27/2020 03:03pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to lawful gambling; adjusting audit amounts for organizations; amending
Minnesota Statutes 2018, section 297E.06, subdivision 4.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2018, section 297E.06, subdivision 4, is amended to read:


Subd. 4.

Annual audit, certified inventory, and cash count.

(a) An organization
licensed under chapter 349 with gross receipts from lawful gambling of more than deleted text begin$750,000deleted text endnew text begin
$1,250,000
new text end in any year must have an annual financial audit of its lawful gambling activities
and funds for that year.

(b) The commissioner may require a financial audit of the lawful gambling activities
and funds of an organization licensed under chapter 349, with gross receipts less than
deleted text begin $750,000deleted text endnew text begin $1,250,000new text end annually, when an organization has:

(1) failed to timely file required gambling tax returns;

(2) failed to timely pay the gambling tax or regulatory fee;

(3) filed fraudulent gambling tax returns;

(4) failed to take corrective actions required by the commissioner; or

(5) failed to otherwise comply with this chapter.

(c) Audits under this subdivision must be performed by an independent accountant
licensed in accordance with chapter 326A.

(d) An organization licensed under chapter 349 must perform an annual certified inventory
and cash count at the end of its fiscal year and submit the report to the commissioner within
30 days after the end of its fiscal year. The report shall be on a form prescribed by the
commissioner.

(e) The commissioner of revenue shall prescribe standards for the audits, certified
inventory, and cash count reports required under this subdivision. The standards may vary
based on the gross receipts of the organization. The standards must incorporate and be
consistent with standards prescribed by the American Institute of Certified Public
Accountants. A complete, true, and correct copy of the audits, certified inventory, and cash
count report must be filed as prescribed by the commissioner.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end