Iowa-2015-HF2445-Introduced
House File 2445 - Introduced
HOUSE FILE
BY COMMITTEE ON WAYS AND
MEANS
(SUCCESSOR TO HSB 641)
A BILL FOR
1 An Act excluding certain promotional play receipts from the
2 definition of adjusted gross receipts for purposes of the
3 wagering tax on gambling games and relating to other matters
4 involving gambling games regulation.
5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN
1 1 Section 1. Section 99F.1, subsection 1, Code 2016, is
1 2 amended to read as follows:
1 3 1. "Adjusted gross receipts" means the gross receipts less
1 4 winnings paid to wagerers. However, "adjusted gross receipts"
1 5 does not include promotional play receipts received after the
1 6 date in any fiscal year that the commission determines that
1 7 the wagering tax imposed pursuant to section 99F.11 on all
1 8 licensees in that fiscal year on promotional play receipts
1 9 exceeds twenty=five million eight hundred twenty thousand
1 10 dollars.
1 11 Sec. 2. Section 99F.1, Code 2016, is amended by adding the
1 12 following new subsection:
1 13 NEW SUBSECTION. 19A. "Promotional play receipts" means
1 14 the total sums wagered on gambling games with tokens, chips,
1 15 electronic credits, or other forms of cashless wagering
1 16 provided by the licensee without an exchange of money as
1 17 described in section 99F.9, subsection 3.
1 18 EXPLANATION
1 19 The inclusion of this explanation does not constitute agreement with
1 20 the explanation's substance by the members of the general assembly.
1 21 This bill concerns the definition of adjusted gross receipts
1 22 for purposes of Code chapter 99F governing gambling games.
1 23 The bill amends the definition of adjusted gross receipts
1 24 to provide that adjusted gross receipts does not include
1 25 promotional play receipts received after the date in any
1 26 fiscal year that the wagering tax on the portion of adjusted
1 27 gross receipts representing promotional play receipts exceeds
1 28 $25,820,000. The bill defines promotional play receipts as
1 29 the total sums wagered on gambling games with tokens, chips,
1 30 electronic credits, or other forms of cashless wagering
1 31 provided by a licensee without an exchange of money.
1 32 The definition of adjusted gross receipts is used, in part,
1 33 to calculate required charitable contributions pursuant to
1 34 Code sections 99F.5 and 99F.6, net receipts for purposes of
1 35 determining annual purses for horse racing at the racetrack in
2 1 Polk county pursuant to Code section 99F.6, and the wagering
2 2 tax pursuant to Code section 99F.11.
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