Text: S03066 Text: S03068 Text: S03000 - S03099 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 327 as follows: 1 2 #1. By striking everything after the enacting 1 3 clause and inserting the following: 1 4 "Section 1. Section 99F.11, Code 2003, is amended 1 5 to read as follows: 1 6 99F.11 WAGERING TAX – RATE – ALLOCATIONS. 1 7 1. a. A tax is imposed on the adjusted gross 1 8 receipts received annually from gambling games 1 9 authorized under this chapter at the rate of five 1 10 percent on the first one million dollars of adjusted 1 11 gross receipts, at the rate of ten percent on the next 1 12 two million dollars of adjusted gross receipts, and at 1 13 the rate oftwentytwenty-two percent on any amount of 1 14 adjusted gross receipts over three million dollars. 1 15 However, for the calendar year beginning January 1, 1 16 2003, the rate of tax on any amount of adjusted gross 1 17 receipts over three million dollars is twenty percent. 1 18 b.HoweverNotwithstanding any provision of 1 19 paragraph "a" to the contrary, beginning January 1, 1 2019972003, the rate on any amount of adjusted gross 1 21 receipts over three million dollars from gambling 1 22 games at racetrack enclosures istwenty-twotwenty- 1 23 eight percentand shall increase by two percent each1 24succeeding calendar year until the rate is thirty-six1 25percent. 1 26 2. The taxes imposed by this section shall be paid 1 27 by the licensee to the treasurer of state within ten 1 28 days after the close of the day when the wagers were 1 29 made and shall be distributed as follows: 1 301.a. If the gambling excursion originated at a 1 31 dock located in a city, one-half of one percent of the 1 32 adjusted gross receipts shall be remitted to the 1 33 treasurer of the city in which the dock is located and 1 34 shall be deposited in the general fund of the city. 1 35 Another one-half of one percent of the adjusted gross 1 36 receipts shall be remitted to the treasurer of the 1 37 county in which the dock is located and shall be 1 38 deposited in the general fund of the county. 1 392.b. If the gambling excursion originated at a 1 40 dock located in a part of the county outside a city, 1 41 one-half of one percent of the adjusted gross receipts 1 42 shall be remitted to the treasurer of the county in 1 43 which the dock is located and shall be deposited in 1 44 the general fund of the county. Another one-half of 1 45 one percent of the adjusted gross receipts shall be 1 46 remitted to the treasurer of the Iowa city nearest to 1 47 where the dock is located and shall be deposited in 1 48 the general fund of the city. 1 493.c. Three-tenths of one percent of the adjusted 1 50 gross receipts shall be deposited in the gambling 2 1 treatment fund specified in section 99E.10, subsection 2 2 1, paragraph "a". 2 34.d. The remaining amount of the adjusted gross 2 4 receipts tax shall be credited to the general fund of 2 5 the state. 2 6 Sec. 2. EFFECTIVE DATE – RETROACTIVE 2 7 APPLICABILITY. This Act, being deemed of immediate 2 8 importance, takes effect upon enactment and is 2 9 retroactively applicable to January 1, 2003, and is 2 10 applicable on and after that date." 2 11 #2. Title page, by striking lines 1 through 6, and 2 12 inserting the following: "An Act providing for the 2 13 tax on the adjusted gross receipts from gambling games 2 14 on excursion boats and at racetracks and including 2 15 effective and retroactive applicability provisions." 2 16 2 17 2 18 2 19 JEFF LAMBERTI 2 20 SF 327.501 80 2 21 ec/pj
Text: S03066 Text: S03068 Text: S03000 - S03099 Text: S Index Bills and Amendments: General Index Bill History: General Index
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