Bill Text: IL SB0744 | 2011-2012 | 97th General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Illinois Horse Racing Act of 1975. Makes a technical change in a Section concerning the short title.

Spectrum: Moderate Partisan Bill (Democrat 16-5)

Status: (Failed) 2013-03-04 - Total Veto Stands [SB0744 Detail]

Download: Illinois-2011-SB0744-Amended.html

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Rep. Lou Lang

Filed: 5/29/2011

09700SB0744ham007 LRB097 04465 ASK 56562 a
AMENDMENT TO SENATE BILL 744
AMENDMENT NO. ______. Amend Senate Bill 744, AS AMENDED,
with reference to page and line numbers of House Amendment No.
1 as follows:
on page 15, line 23, by replacing "the total amount" with "any
initial consideration"; and
on page 15, line 24, after "Authority", by inserting "that was
paid as an inducement"; and
on page 16, line 1, after "Fund.", by inserting "The initial
consideration shall not include any amounts paid by an entity
on behalf of the Authority for any license or per position fees
imposed pursuant to the Illinois Gambling Act or any other
financial obligation of the Authority."; and
on page 300, line 20, after "utilized.", by inserting

09700SB0744ham007 - 2 - LRB097 04465 ASK 56562 a
"Consistent with the provisions contained in this subsection
(e-25), the owners licensee shall be treated as having paid the
amount of taxes due under Sections 12 and 13 without reduction
for the credit granted in this subsection (e-25), and the
amount of such credit shall be considered a refund of the
owners licensee bid amount as such credit is utilized."; and
on page 343, line 2, after "riverboat", by inserting "or
casino"; and
on page 343, by replacing lines 22 and 23 with the following:
"44% of annual adjusted gross receipts in excess of
$200,000,000 but not exceeding $300,000,000;
30% of annual adjusted gross receipts in excess of
$300,000,000 but not exceeding $350,000,000;
20% of annual adjusted gross receipts in excess of
$350,000,000."; and
on page 344, line 13, after "riverboat", by inserting "or
casino"; and
on page 345, by replacing lines 8 through 9 with the following:
"40% of annual adjusted gross receipts in excess of
$200,000,000 but not exceeding $300,000,000;
30% of annual adjusted gross receipts in excess of
$300,000,000 but not exceeding $350,000,000;

09700SB0744ham007 - 3 - LRB097 04465 ASK 56562 a
20% of annual adjusted gross receipts in excess of
$350,000,000."; and
by deleting line 24 on page 345 through line 9 on page 348; and
on page 350, by replacing line 14 with the following:
"(a-9) Beginning on January 1, 2012, the"; and
on page 350, by replacing lines 25 and 26 with "calculation,
the effect of the tax rates in".