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PAG LIN 1 1 Section 1. Section 99D.14, subsection 6, Code 1995, is 1 2 amended by striking the subsection and inserting in lieu 1 3 thereof the following: 1 4 6. Real property used in the operation of a racetrack or 1 5 racetrack enclosure which is exempt from property taxation 1 6 under another provision of the law, including being exempt 1 7 because it is owned by a city, county, state, or charitable or 1 8 nonprofit entity, may be subject to real property taxation by 1 9 any taxing district in which the real property used in the 1 10 operation of the racetrack or racetrack enclosure is located. 1 11 To subject such real property to taxation, the governing body 1 12 of the taxing district shall pass a resolution imposing the 1 13 tax and shall notify the county assessor, director of revenue 1 14 and finance, and the owner of record of the real property by 1 15 September 1 preceding the fiscal year in which the real 1 16 property taxes are due and payable. The assessed value shall 1 17 be determined by the department of revenue and finance by 1 18 October 15 and the owner may protest the assessed value to the 1 19 state board of tax review by December 1. Real property 1 20 subject to tax as provided in this subsection shall continue 1 21 to be taxed until such time as the governing body of the 1 22 taxing district repeals the resolution subjecting the property 1 23 to taxation. 1 24 Sec. 2. Section 99F.11, unnumbered paragraph 1, Code 1995, 1 25 is amended to read as follows: 1 26 A tax is imposed on the adjusted gross receipts received 1 27 annually from gambling games authorized under this chapter at 1 28 the rate of five percent on the first one million dollars of 1 29 adjusted gross receipts, at the rate of ten percent on the 1 30 next two million dollars of adjusted gross receipts, and at 1 31 the rate of twenty percent on any amount of adjusted gross 1 32 receipts over three million dollars. However, beginning 1 33 January 1, 1997, the rate on any amount of adjusted gross 1 34 receipts over three million dollars from gambling games at 1 35 racetrack enclosures is twenty-two percentand shall increase2 1by two percent each succeeding calendar year until the rate is2 2thirty-six percent. The taxes imposed by this section shall 2 3 be paid by the licensee to the treasurer of state within ten 2 4 days after the close of the day when the wagers were made and 2 5 shall be distributed as follows: 2 6 Sec. 3. Section 99F.11, Code 1995, is amended by adding 2 7 the following new subsection: 2 8 NEW SUBSECTION. 3A. If the adjusted gross receipts from 2 9 gambling games at a racetrack enclosure are subject to a tax 2 10 rate of twenty-two percent, two percent of the adjusted gross 2 11 receipts shall be remitted to the treasurer of the state. The 2 12 tax revenues shall be distributed quarterly beginning July 1, 2 13 1997, to the department of education to be used for no more 2 14 than ten pilot projects with two in each congressional 2 15 district. The pilot project shall encompass one school 2 16 district and shall consist of an experimental program for 2 17 acquiring laptop computers for students for use by them in 2 18 school work which may be done in the classroom or at home. 2 19 The tax revenues shall be allocated to the pilot projects on a 2 20 per student basis. 2 21 EXPLANATION 2 22 The bill provides that real property used in the operation 2 23 of a racetrack or racetrack enclosure may be subject to 2 24 taxation even if otherwise exempt because it is owned by a 2 25 city, county, state, or a charitable or nonprofit entity. To 2 26 be so taxed, the governing body of the taxing district must 2 27 adopt a resolution subjecting the property to taxation. Once 2 28 a resolution is adopted the property will continue to be taxed 2 29 until the resolution is repealed. 2 30 The bill also limits to 22 percent the maximum state tax 2 31 rate on the adjusted gross receipts from gambling games at 2 32 racetrack enclosures. Present law provides for an eventual 36 2 33 percent state tax rate. The bill provides that 2 percent of 2 34 the adjusted gross receipts from gambling games at racetrack 2 35 enclosures which are subject to the 22 percent rate are to be 3 1 used by the department of education for pilot projects to 3 2 acquire laptop computers for students. There is to be no more 3 3 than 10 pilot projects with two located in each congressional 3 4 district. 3 5 LSB 4462SV 76 3 6 mg/cf/24
Text: SF02467 Text: SF02469 Text: SF02400 - SF02499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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