99F.11 - WAGERING TAX -- RATE -- ALLOCATIONS.
99F.11 WAGERING TAX -- RATE -- ALLOCATIONS.
1. A tax is imposed on the adjusted gross receipts received each
fiscal year from gambling games authorized under this chapter at the
rate of five percent on the first one million dollars of adjusted
gross receipts and at the rate of ten percent on the next two million
dollars of adjusted gross receipts.
2. The tax rate imposed each fiscal year on any amount of
adjusted gross receipts over three million dollars shall be as
follows:
a. If the licensee is an excursion gambling boat or gambling
structure, twenty-two percent.
b. If the licensee is a racetrack enclosure conducting
gambling games and another licensee that is an excursion gambling
boat or gambling structure is located in the same county, then the
following rate, as applicable:
(1) If the licensee of the racetrack enclosure has not been
issued a table games license during the fiscal year or if the
adjusted gross receipts from gambling games of the licensee in the
prior fiscal year were less than one hundred million dollars,
twenty-two percent.
(2) If the licensee of the racetrack enclosure has been issued a
table games license during the fiscal year or prior fiscal year and
the adjusted gross receipts from gambling games of the licensee in
the prior fiscal year were one hundred million dollars or more,
twenty-two percent on adjusted gross receipts received prior to the
operational date and twenty-four percent on adjusted gross receipts
received on or after the operational date. For purposes of this
subparagraph, the operational date is the date the commission
determines table games became operational at the racetrack enclosure.
c. If the licensee is a racetrack enclosure conducting
gambling games and no licensee that is an excursion gambling boat or
gambling structure is located in the same county, twenty-four
percent.
3. The taxes imposed by this section shall be paid by the
licensee to the treasurer of state within ten days after the close of
the day when the wagers were made and shall be distributed as
follows:
a. If the gambling excursion originated at a dock located in
a city, one-half of one percent of the adjusted gross receipts shall
be remitted to the treasurer of the city in which the dock is located
and shall be deposited in the general fund of the city. Another
one-half of one percent of the adjusted gross receipts shall be
remitted to the treasurer of the county in which the dock is located
and shall be deposited in the general fund of the county.
b. If the gambling excursion originated at a dock located in
a part of the county outside a city, one-half of one percent of the
adjusted gross receipts shall be remitted to the treasurer of the
county in which the dock is located and shall be deposited in the
general fund of the county. Another one-half of one percent of the
adjusted gross receipts shall be remitted to the treasurer of the
Iowa city nearest to where the dock is located and shall be deposited
in the general fund of the city.
c. Eight-tenths of one percent of the adjusted gross receipts
tax shall be deposited in the county endowment fund created in
section 15E.311.
d. Two-tenths of one percent of the adjusted gross receipts
tax shall be allocated each fiscal year as follows:
(1) Five hundred twenty thousand dollars is appropriated each
fiscal year to the department of cultural affairs with one-half of
the moneys allocated for operational support grants and the remaining
one-half allocated for the community cultural grants program
established under section 303.3.
(2) One-half of the moneys remaining after the appropriation in
subparagraph (1) is appropriated to the community development
division of the department of economic development for the purposes
of regional tourism marketing. The moneys appropriated in this
subparagraph shall be disbursed to the department in quarterly
allotments. However, none of the moneys appropriated under this
subparagraph shall be used for administrative purposes.
(3) One-half of the moneys remaining after the appropriation in
subparagraph (1) shall be credited, on a quarterly basis, to the
general fund of the state for the purpose of funding the endow Iowa
tax credit provided in section 15E.305.
e. The remaining amount of the adjusted gross receipts tax
shall be credited to the general fund of the state. Section History: Recent Form
89 Acts, ch 67, §11; 89 Acts, ch 139, §7; 94 Acts, ch 1021, §25;
94 Acts, ch 1186, §33; 98 Acts, ch 1221, §11; 2003 Acts, ch 178,
§107, 121; 2003 Acts, ch 179, §142; 2004 Acts, ch 1136, §50; 2006
Acts, ch 1151, §6, 8; 2007 Acts, ch 100, §1; 2007 Acts, ch 188, §15;
2007 Acts, ch 215, §87; 2009 Acts, ch 182, §104
Referred to in § 8.57, 15E.305, 99F.4A, 99F.10, 99G.39, 123.53 Footnotes
For provisions relating to FY 2005 and FY 2006 rebuild Iowa
infrastructure assessments imposed on licensees of excursion gambling
boats licensed to conduct gambling games as of January 1, 2004, see
2004 Acts, ch 1136, §64, 65