Text: HF00746 Text: HF00748 Text: HF00700 - HF00799 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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 10January 1, 1997June 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 istwenty-twothirty- 1 13 two percentand shall increase by two percent each succeeding1 14calendar 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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