Text: HF02130 Text: HF02132 Text: HF02100 - HF02199 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 games 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 1,19972002, the rate on any amount of adjusted gross 1 11 receipts over three million dollars from gambling games at 1 12 racetrack enclosures istwenty-twothirty percentand shall1 13increase by two percent each succeeding calendar year until1 14the rate is thirty-six percent. The taxes imposed by this 1 15 section shall be paid by the licensee to the treasurer of 1 16 state within ten days after the close of the day when the 1 17 wagers were made and shall be distributed as follows: 1 18 Sec. 2. EFFECTIVE AND RETROACTIVE APPLICABILITY DATE. 1 19 This Act, being deemed of immediate importance, takes effect 1 20 upon enactment and is retroactively applicable to January 1, 1 21 2002. 1 22 EXPLANATION 1 23 This bill provides that the tax rate on the amount of 1 24 adjusted gross receipts over $3 million from gambling games at 1 25 pari-mutuel racetracks shall remain at 30 percent for the 1 26 calendar year beginning January 1, 2002, and subsequent 1 27 calendar years. Under current law, the tax rate on the amount 1 28 of adjusted gross receipts over $3 million from gambling games 1 29 at pari-mutuel racetracks increases to 32 percent on January 1 30 1, 2002, and increases 2 additional percent per year until the 1 31 tax rate reaches 36 percent. 1 32 The bill takes effect upon enactment and is retroactively 1 33 applicable to January 1, 2002. 1 34 LSB 5404YH 79 1 35 tj/cf/24
Text: HF02130 Text: HF02132 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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