A plan to let New Jersey casino regulators oversee foreign Internet gambling companies if they move their operations to Atlantic City has moved a step closer to approval.

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A state senate wagering committee approved the bill Monday.

The measure is sponsored by Sen. Raymond Lesniak. He says many overseas gambling companies want the stamp of approval that would come from submitting to New Jersey's casino regulators, who are among the strictest in the nation.

The foreign firms wouldn't be able to take bets from anyone in the United States.

They would pay the same 15 percent tax that New Jersey's casinos do on Internet revenue, and would have to contribute to a fund to raise $20 million a year for three years to help New Jersey's struggling horse racing industry.

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