99D.27B  Iowa horse racing fund — advance deposit wagering tax.
  1.  An Iowa horse racing fund is created in the state treasury under the control of the commission.
  2.  The fund shall consist of tax revenue collected and deposited in the fund pursuant to subsection 6 and section 99D.15, subsection 4, and such other moneys appropriated to, transferred to, or deposited in the fund.
  3.  a.  Moneys in the fund are appropriated to the commission for distribution in a manner and in an amount as determined by the commission to individual entities or a recognized compact of entities tasked with the regulation of the horse racing industry in accordance with the federal Horseracing Integrity and Safety Act of 2020, 15 U.S.C. ch. 57A.
  b.  In the event that the federal Horseracing Integrity and Safety Act of 2020, 15 U.S.C. ch. 57A, is repealed, moneys in the fund shall be transferred to the rebuild Iowa infrastructure fund created in section 8.57.
  4.  Members of the commission and those acting on behalf of the commission assisting in the distribution of the moneys in the fund shall be held harmless against any claim of liability made by an individual or entity arising out of the distribution of the moneys from the fund by the commission.
  5.  Section 8.33 does not apply to moneys in the fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys deposited in the fund shall be credited to the fund.
  6.  A tax of two percent is imposed on the gross sum wagered by the pari-mutuel method as an advance deposit wager under section 99D.11, subsection 6, paragraph “c”. The tax imposed under this subsection is in lieu of any tax imposed on such wagers under section 99D.15. The tax revenue generated under this subsection shall be deposited in the fund.
2025 Acts, ch 159, §37
Referred to in §99D.15
NEW section