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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