Text: HF00746                           Text: HF00748
Text: HF00700 - HF00799                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 747

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 99F.11, unnumbered paragraph 1, Code
  1  2 2001, is amended to read as follows:
  1  3    A tax is imposed on the adjusted gross receipts received
  1  4 annually from gambling game 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 June 1, 2001, the rate of any amount of
  1 11 adjusted gross receipts over three million dollars from
  1 12 gambling games at racetrack enclosures is twenty-two thirty-
  1 13 two percent and shall increase by two percent each succeeding
  1 14 calendar year until the rate is thirty-six percent.  The taxes
  1 15 imposed by this section shall be paid by the licensee to the
  1 16 treasurer of state within ten days after the close of the day
  1 17 when the wagers were made and shall be distributed as follows:
  1 18    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of
  1 19 immediate importance, takes effect upon enactment.  
  1 20                           EXPLANATION
  1 21    This bill sets the maximum rate of tax on the adjusted
  1 22 gross receipts received annually from gambling games at
  1 23 racetrack enclosures at 32 percent effective June 1, 2001.
  1 24 Under current law, the maximum rate of tax on the adjusted
  1 25 gross receipts from gambling games at racetrack enclosures
  1 26 will reach 36 percent in calendar year 2004.  
  1 27 LSB 2400HV 79
  1 28 tj/gg/8
     

Text: HF00746                           Text: HF00748
Text: HF00700 - HF00799                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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