Iowa General Assembly Banner

 
Text: S05709                            Text: S05711
Text: S05700 - S05799                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index


Get Version To Print

Senate Amendment 5710

Amendment Text

PAG LIN
  1  1    Amend House File 2423, as passed by the House, as
  1  2 follows:
  1  3    #1.  Page 1, by inserting after line 23 the
  1  4 following:
  1  5    "Sec.    .  Section 99F.11, unnumbered paragraph 1,
  1  6 Code 1995, is amended to read as follows:
  1  7    A tax is imposed on the adjusted gross receipts
  1  8 received annually from gambling games authorized under
  1  9 this chapter at the rate of five percent on the first
  1 10 one million dollars of adjusted gross receipts, at the
  1 11 rate of ten percent on the next two million dollars of
  1 12 adjusted gross receipts, and at the rate of twenty
  1 13 percent on any amount of adjusted gross receipts over
  1 14 three million dollars.  However, beginning January 1,
  1 15 1997, the rate on any amount of adjusted gross
  1 16 receipts over three million dollars from gambling
  1 17 games at racetrack enclosures is twenty-two percent
  1 18 and shall increase by two percent each succeeding
  1 19 calendar year until the rate is thirty-six percent.
  1 20 The taxes imposed by this section shall be paid by the
  1 21 licensee to the treasurer of state within ten days
  1 22 after the close of the day when the wagers were made
  1 23 and shall be distributed as follows:
  1 24    Sec.    .  Section 99F.11, Code 1995, is amended by
  1 25 adding the following new subsection:
  1 26    NEW SUBSECTION.  3A.  If the adjusted gross
  1 27 receipts from gambling games at a racetrack enclosure
  1 28 are subject to a tax rate of twenty-two percent, one
  1 29 percent of the adjusted gross receipts shall be
  1 30 remitted to the treasurer of the state.  The tax
  1 31 revenues shall be distributed quarterly beginning July
  1 32 1, 1997, on a per student basis, statewide.  Moneys
  1 33 received shall be used by each school district for an
  1 34 experimental program to acquire laptop computers for
  1 35 students for use by them in school work which may be
  1 36 done in the classroom or at home."
  1 37    #2.  Title page, line 1, by inserting after the
  1 38 words "used in" the following:  "or gross receipts
  1 39 gained from".  
  1 40 
  1 41 
  1 42                              
  1 43 COMMITTEE ON WAYS AND MEANS
  1 44 WILLIAM D. PALMER, Chairperson
  1 45 HF 2423.206 76
  1 46 mg/jj
     
Text: S05709                            Text: S05711
Text: S05700 - S05799                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index
Return To Home Iowa General Assembly

index Search: Senate Bills and Amendments (76th General Assembly)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? webmaster@legis.iowa.gov.

Last update: Thu Apr 11 03:24:40 CDT 1996
URL: /DOCS/GA/76GA/Legislation/S/05700/S05710/960410.html
jhf