Text: HF02271 Text: HF02273 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 423.2, subsection 4, unnumbered
1 2 paragraph 1, as enacted by 2003 Iowa Acts, First Extraordinary
1 3 Session chapter 2, section 95, is amended to read as follows:
1 4 A tax of five percent is imposed upon the sales price
1 5 derived from the operation of all forms of amusement devices
1 6 and games of skill, games of chance, raffles, and bingo games
1 7 as defined in chapter 99B, operated or conducted within the
1 8 state, the tax to be collected from the operator in the same
1 9 manner as for the collection of taxes upon the sales price of
1 10 tickets or admission as provided in this section. Nothing in
1 11 this subsection shall legalize any games of skill or chance or
1 12 slot-operated devices which are now prohibited by law.
1 13 However, there is imposed a tax of five percent upon the net
1 14 receipts derived from the operation of all forms of bingo
1 15 games, as defined in chapter 99B, operated or conducted within
1 16 the state by an entity which is exempt from federal income
1 17 taxation pursuant to section 501(c)(3) of the Internal Revenue
1 18 Code where the proceeds are used for the purposes of the
1 19 nonprofit entity. For purposes of this subsection, "net
1 20 receipts" means gross receipts less amounts awarded as prizes.
1 21 EXPLANATION
1 22 This bill provides that the sales and use tax derived from
1 23 the operation of bingo games by an entity which is exempt from
1 24 federal income taxation pursuant to section 501(c)(3) of the
1 25 Internal Revenue Code shall be on the net receipts and not
1 26 gross receipts. The bill provides that "net receipts" means
1 27 gross receipts less amounts awarded as prizes.
1 28 LSB 5917HH 80
1 29 ec/pj/5
Text: HF02271 Text: HF02273 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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