Text: HSB00537 Text: HSB00539 Text: HSB00500 - HSB00599 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, the tax rate on 1 17 the amount of adjusted gross receipts over three million 1 18 dollars but not more than seventy million dollars from 1 19 gambling games is the rate which was in effect on December 31, 1 20 2000, and the tax rate on the amount of adjusted gross 1 21 receipts over seventy million dollars from gambling games is 1 22 thirty-six percent. The taxes imposed by this section shall 1 23 be paid by the licensee to the treasurer of state within ten 1 24 days after the close of the day when the wagers were made and 1 25 shall be distributed as follows: 1 26 EXPLANATION 1 27 This bill provides that the tax rate which was in effect on 1 28 December 31, 2000, shall be levied on the adjusted gross 1 29 receipts from gambling games at racetrack enclosures at which 1 30 the total adjusted gross receipts received from gambling games 1 31 annually is more than $3 million but not more than $70 million 1 32 and the tax rate on the amount of adjusted gross receipts from 1 33 gambling games over $70 million is 36 percent. The tax rate 1 34 on the adjusted gross receipts over $3 million from gambling 1 35 games at racetrack enclosures was 28 percent for the calendar 2 1 year ending December 31, 2000. 2 2 LSB 5663HC 79 2 3 tj/sh/8.1
Text: HSB00537 Text: HSB00539 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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