Text: HSB00231 Text: HSB00233 Text: HSB00200 - HSB00299 Text: HSB 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 amount of adjusted gross receipts from gambling games
1 16 annually is more than three million dollars but not more than
1 17 seventy million dollars, the tax rate on the amount of
1 18 adjusted gross receipts from gambling games is thirty percent.
1 19 The taxes imposed by this section shall be paid by the
1 20 licensee to the treasurer of state within ten days after the
1 21 close of the day when the wagers were made and shall be
1 22 distributed as follows:
1 23 EXPLANATION
1 24 This bill provides that a tax rate of 30 percent shall be
1 25 levied on the adjusted gross receipts from gambling games at
1 26 racetrack enclosures at which the total adjusted gross
1 27 receipts received from gambling games annually is more than $3
1 28 million but not more than $70 million.
1 29 LSB 2400HC 79
1 30 tj/gg/8
Text: HSB00231 Text: HSB00233 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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