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Text: SF02467                           Text: SF02469
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Senate File 2468

Partial Bill History

Bill Text

  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 percent and shall increase
  2  1 by two percent each succeeding calendar year until the rate is
  2  2 thirty-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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