Text: HF02289 Text: HF02291 Text: HF02200 - HF02299 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, 1997, the rate on any amount of adjusted gross
1 11 receipts over three million dollars from gambling games at
1 12 racetrack enclosures is twenty-two percent and shall increase
1 13 by two percent each succeeding calendar year until the rate is
1 14 thirty-six percent. However, at racetrack enclosures at which
1 15 the total amount of adjusted gross receipts from gambling
1 16 games annually is not more than seventy million dollars, the
1 17 tax rate on the amount of adjusted gross receipts over three
1 18 million dollars from gambling games is the rate which was in
1 19 effect on December 31, 2001. The taxes imposed by this
1 20 section shall be paid by the licensee to the treasurer of
1 21 state within ten days after the close of the day when the
1 22 wagers were made and shall be distributed as follows:
1 23 EXPLANATION
1 24 This bill provides that the tax rate which was in effect on
1 25 December 31, 2001, shall be levied on the adjusted gross
1 26 receipts from gambling games between $3 million and $70
1 27 million at racetrack enclosures at which the total adjusted
1 28 gross receipts received from gambling games annually is not
1 29 more than $70 million. The tax rate on the adjusted gross
1 30 receipts over $3 million from gambling games at racetrack
1 31 enclosures was 30 percent for the calendar year ending
1 32 December 31, 2001.
1 33 LSB 5663HV 79
1 34 tj/sh/8
Text: HF02289 Text: HF02291 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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