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Text: SF00470                           Text: SF00472
Text: SF00400 - SF00499                 Text: SF Index
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Senate File 471

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 99F.11, unnumbered paragraph 1, Code
  1  2 1995, is amended to read as follows:
  1  3    A tax is imposed on the adjusted gross receipts received
  1  4 annually from gambling games authorized under this chapter at
  1  5 the rate of five percent on the first one million dollars of
  1  6 adjusted gross receipts, at the rate of ten percent on the
  1  7 next two million dollars of adjusted gross receipts, and at
  1  8 the rate of twenty percent on any amount of adjusted gross
  1  9 receipts over three million dollars.  However, beginning
  1 10 January 1, 1997, the rate on any amount of adjusted gross
  1 11 receipts over three million dollars from gambling games at
  1 12 racetrack enclosures is twenty-two percent and shall increase
  1 13 by two percent each succeeding calendar year until the rate is
  1 14 thirty-six percent.  The taxes imposed by this section shall
  1 15 be paid by the licensee to the treasurer of state within ten
  1 16 days after the close of the day when the wagers were made and
  1 17 shall be distributed as follows:  
  1 18                           EXPLANATION
  1 19    This bill strikes the higher tax rates which will apply to
  1 20 adjusted gross receipts over $3,000,000 from gambling games at
  1 21 pari-mutuel racetracks commencing January 1, 1997.  Beginning
  1 22 January 1, 1997, current law requires the tax rates for the
  1 23 gross receipts over $3,000,000 to increase two percent each
  1 24 year until a maximum tax rate of 36 percent is reached.  
  1 25 LSB 2067SV 76
  1 26 tj/jj/8
     
Text: SF00470                           Text: SF00472
Text: SF00400 - SF00499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index
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