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House File 2403 - IntroducedA Bill ForAn Act 1appropriating a portion of certain tax receipts
2concerning internet fantasy sports contests and sports
3wagering to the county endowment fund.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 99E.6, subsection 2, Code 2022, is
2amended to read as follows:
32. The taxes imposed by this section for internet fantasy
4sports contests authorized under this chapter shall be paid by
5the internet fantasy sports contest service provider to the
6treasurer of state as determined by the commission and shall be
7distributed as follows:
8a. An amount of taxes distributed pursuant to this section
9equal to one percent of internet fantasy sports contest
10adjusted revenues shall be deposited in the county endowment
11fund created in section 15E.311.
12b. The remaining amount of internet fantasy sports contest
13taxes distributed pursuant to this section shall becredited as
14provided in section 8.57, subsection 6.
15 Sec. 2. Section 99F.11, subsection 5, paragraph b, Code
162022, is amended to read as follows:
17b. The taxes imposed by this subsection for sports wagering
18authorized under this chapter shall be paid by the licensed
19operator to the treasurer of state as determined by the
20commission and shall be distributed as follows:
21(1) An amount of taxes distributed pursuant to this
22subsection equal to one percent of sports wagering net receipts
23shall be deposited in the county endowment fund created in
24section 15E.311.
25(2) The remaining amount of sports wagering taxes
26distributed pursuant to this subsection shall becredited as
27provided in section 8.57, subsection 6.
28EXPLANATION
29The inclusion of this explanation does not constitute agreement with
30the explanation’s substance by the members of the general assembly.
31This bill provides that, of taxes collected, 1 percent
32of internet fantasy sports contest adjusted revenues and 1
33percent of sports wagering net receipts shall be deposited
34in the county endowment fund created in Code section 15E.311
35prior to the remaining taxes received for internet fantasy
-1-1sports contests and sports wagering being credited to the
2sports wagering receipts fund created in Code section 8.57.
3Currently, all tax revenue for internet fantasy sports contests
4and sports wagering is credited to the sports wagering receipts
5fund.
-2-ec/rn
2concerning internet fantasy sports contests and sports
3wagering to the county endowment fund.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 99E.6, subsection 2, Code 2022, is
2amended to read as follows:
32. The taxes imposed by this section for internet fantasy
4sports contests authorized under this chapter shall be paid by
5the internet fantasy sports contest service provider to the
6treasurer of state as determined by the commission and shall be
7distributed as follows:
8a. An amount of taxes distributed pursuant to this section
9equal to one percent of internet fantasy sports contest
10adjusted revenues shall be deposited in the county endowment
11fund created in section 15E.311.
12b. The remaining amount of internet fantasy sports contest
13taxes distributed pursuant to this section shall becredited as
14provided in section 8.57, subsection 6.
15 Sec. 2. Section 99F.11, subsection 5, paragraph b, Code
162022, is amended to read as follows:
17b. The taxes imposed by this subsection for sports wagering
18authorized under this chapter shall be paid by the licensed
19operator to the treasurer of state as determined by the
20commission and shall be distributed as follows:
21(1) An amount of taxes distributed pursuant to this
22subsection equal to one percent of sports wagering net receipts
23shall be deposited in the county endowment fund created in
24section 15E.311.
25(2) The remaining amount of sports wagering taxes
26distributed pursuant to this subsection shall becredited as
27provided in section 8.57, subsection 6.
28EXPLANATION
29The inclusion of this explanation does not constitute agreement with
30the explanation’s substance by the members of the general assembly.
31This bill provides that, of taxes collected, 1 percent
32of internet fantasy sports contest adjusted revenues and 1
33percent of sports wagering net receipts shall be deposited
34in the county endowment fund created in Code section 15E.311
35prior to the remaining taxes received for internet fantasy
-1-1sports contests and sports wagering being credited to the
2sports wagering receipts fund created in Code section 8.57.
3Currently, all tax revenue for internet fantasy sports contests
4and sports wagering is credited to the sports wagering receipts
5fund.
-2-ec/rn