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NYC Administrative Code

§ 11-1205 — Records to be kept and audits by commissioner of finance.

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What is NYC AC § 11-1205?

Quick Answer

This section mandates that racing corporations or associations maintain specific records related to admissions and taxes as prescribed by the commissioner of finance. These records must be available for inspection and must be preserved for three years, although the commissioner may allow for earlier destruction or extended retention. Applies to racing corporations and associations collecting admissions taxes.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 11-1205 Records to be kept and audits by commissioner of finance.

AC § 11-1205

Every racing corporation or association shall keep such records as may be prescribed by the commissioner of finance, of all admissions and taxes collected pursuant to this chapter. Such records shall be available for inspection and examination at any time upon demand by the commissioner of finance or the commissioner's duly authorized agents or employees, and such records shall be preserved for a period of three years, except that the commissioner of finance may consent to their destruction within that period, and may require that they be kept longer than three years.

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