HB 3458
Relating to tax on the privilege of holding a license to operate West Virginia Lottery table games
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies the annual privilege tax on West Virginia Lottery table games licenses. It exempts the first $7,142,857.14 of a racetrack table games licensee’s annual adjusted gross receipts from taxation. The tax applies to the amount of adjusted gross receipts exceeding this threshold, with payments due weekly. The bill also clarifies tax return requirements and specifies that this tax is in lieu of other state and local taxes related to table game operations, with exceptions for certain sales and use taxes.
Key provisions
- Exempts the first $7,142,857.14 of annual adjusted gross receipts from the privilege tax.
- Sets the tax rate at 35% on adjusted gross receipts exceeding the $7,142,857.14 threshold.
- Requires weekly tax payments to the commission.
- Specifies accrual method of accounting for tax calculations.
- Defines the process for handling negative adjusted gross receipts (e.g., when winnings exceed revenue).
- States that the tax is in lieu of other state and local taxes on table game operations, with some exceptions.
- Prohibits credits for investments in gaming equipment or property used in table game operations.
- Establishes a specific form and electronic submission requirements for tax returns.
Who is affected
- Racetrack table games licensees
- The West Virginia Lottery
- State and local governments (through reduced tax revenue)
- Casino operators
- Gambling patrons
Notable changes
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