This file contains STRIKE and UNDERSCORE. If you cannot see either STRIKE or UNDERSCORE attributes or would like to change how these attributes are displayed, please use the following form to make the desired changes.

House Journal: Page 1394: Wednesday, April 3, 1996

 7   property used in the operation of a racetrack or
 8   racetrack enclosure shall be subject to real property
 9   taxation.  The rate at which such property shall be
10   taxed shall be the combined rate of all taxing
11   districts in which the racetrack or racetrack
12   enclosure is located.  However, the amount of tax
13   collected shall not go to the individual taxing
14   districts but shall be collected by the county and
15   remitted to the department of revenue and finance to
16   be deposited into the state gambling tax relief fund
17   created in section 422.115.
18     Sec. ___.  Section 99F.10, Code Supplement 1995, is
19   amended by adding the following new subsection:
20     NEW SUBSECTION.  7.  Notwithstanding any exemption
21   provision, for taxes payable in the fiscal year
22   beginning July 1, 1997, and for each subsequent fiscal
23   year, real property used in the operation of an
24   excursion gambling boat or used as a dock for an
25   excursion gambling boat shall be subject to real
26   property taxation.  The rate at which such property
27   shall be taxed shall be the combined rate of all
28   taxing districts in which the excursion gambling boat
29   or dock is located.  However, the amount of tax
30   collected shall not go to the individual taxing
31   districts but shall be collected by the county and
32   remitted to the department of revenue and finance to
33   be deposited into the state gambling tax relief fund
34   created in section 422.115.
35     Sec. ___.  Section 99F.11, unnumbered paragraph 1,
36   Code 1995, is amended to read as follows:
37     A tax is imposed on the adjusted gross receipts
38   received annually from gambling games authorized under
39   this chapter at the rate of five percent on the first
40   one million dollars of adjusted gross receipts, at the
41   rate of ten percent on the next two million dollars of
42   adjusted gross receipts, and at the rate of twenty
43   percent on any amount of adjusted gross receipts over
44   three million dollars.  However, beginning January 1,
45   1997, the rate on any amount of adjusted gross
46   receipts over three million dollars from gambling
47   games at racetrack enclosures or on an excursion
48   gambling boat or dock is twenty-two percent and shall
49   increase by two percent each succeeding calendar year
50   until the rate is thirty-six percent.  The taxes

Page 2  

 1   imposed by this section shall be paid by the licensee
 2   to the treasurer of state within ten days after the
 3   close of the day when the wagers were made and shall
 4   be distributed as follows:
 5     Sec. ___.  Section 99F.11, Code 1995, is amended by
 6   adding the following new subsection:

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Thu Apr 4 13:30:03 CST 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01300/01394.html
jhf