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Texas Occupations Code - OCC § 2004.007. Reasonable Operating Expenses

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) For each raffle conducted under this chapter, a professional sports team charitable foundation may deduct not more than 10 percent of the gross proceeds collected from the sale of tickets for the raffle to pay the reasonable operating expenses of conducting the raffle.

(b) For purposes of this chapter, reasonable operating expenses include:

(1) promotion, advertisements, charitable foundation fund-raising events, equipment, and administrative expenses;  and

(2) purchase, lease, or licensing fees for the equipment, hardware, and software necessary to:

(A) sell raffle tickets to raffle participants;

(B) conduct random drawings to select prize winners;  and

(C) continuously calculate the number of ticket sales, amount of money collected, amount of cash prize to be awarded, amount of money raised for charitable purposes, and amount of gross ticket sales that may be deducted for reasonable operating expenses.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 2004.007. Reasonable Operating Expenses - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-2004-007/

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