SB 760
Modifying rate of tax due on licensee's adjusted gross receipts
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill changes the tax rate applied to a racetrack table games licensee’s adjusted gross receipts. Specifically, it sets the tax rate at 35% on the licensee’s adjusted gross receipts that exceed $7,142,857.14 per year. The bill also outlines a system for weekly tax payments and clarifies that this tax replaces other state and local taxes related to table game operations, with exceptions for property taxes and certain consumer sales taxes.
Key provisions
- The tax rate on adjusted gross receipts is set at 35% for amounts exceeding $7,142,857.14.
- Licensees must pay taxes weekly based on accrued amounts.
- Tax returns must be submitted electronically to the commission on a weekly basis.
- The tax is in lieu of other state and local taxes related to table game operations.
- Certain consumer sales and use taxes are exempt.
- No tax credits are allowed for investments in gaming equipment or property.
- A process is established for handling negative adjusted gross receipts due to winnings exceeding revenue.
Who is affected
- Racetrack table games licensees
- The West Virginia Lottery
- State and local governments (through tax revenue)
- Gaming equipment suppliers
- Patrons wagering on table games
Notable changes
- The tax rate is increased from the previous rate.
- The requirement for weekly tax payments was established.
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