§ 41-4-3 - Tax on pari-mutuel betting.
SECTION 41-4-3
§ 41-4-3 Tax on pari-mutuel betting.– (a) Each licensee conducting racing events under the pari-mutuel system shallpay to the state, and there is hereby imposed:
(1) A tax at the rate of three percent (3%) of the totalmoney wagered on so-called straight (win, place, or show) wagering on theevents; and
(2) A tax at the rate of six percent (6%) of the total moneywagered on so-called exotic or multiple forms of wagering on the events; and
(3) A tax equal to one-half (1/2) of the breakage to the dimeresulting from the wagering.
(b) Each licensee conducting harness horse racing eventsunder the pari-mutuel system shall pay to the state, and there is herebyimposed:
(1) A tax at the rate of five and one half percent (5.5%) ofso much of the total amount of money wagered daily on such events as does notexceed four hundred thousand dollars ($400,000); six and three quarters percent(6.75%) of so much thereof as exceeds four hundred thousand dollars ($400,000),but does not exceed four hundred and fifty thousand dollars ($450,000); sevenand one quarter percent (7.25%) of so much thereof as exceeds four hundred andfifty thousand dollars ($450,000), but does not exceed five hundred thousanddollars ($500,000); and ten percent (10%) of so much of the total amount ofmoney wagered on such events as exceeds five hundred thousand dollars($500,000);
(2) A tax equal to one half (1/2) of the breakage to the dimeresulting from the wagering.
(c) Each licensee conducting dog racing events under thepari-mutuel system shall pay to the state, and there is hereby imposed, a taxon such events at the rate of:
(1) Five and one half percent (5.5%) of the first one hundredand fifty thousand dollars ($150,000) of money wagered daily; plus nine percent(9%) on amounts wagered from one hundred and fifty thousand dollars ($150,000)to two hundred and fifty thousand dollars ($250,000); plus ten and one quarterpercent (10.25%) on amounts wagered from two hundred and fifty thousand dollars($250,000) to three hundred and seventy-five thousand dollars ($375,000); plusten and three quarters percent (10.75%) on amounts wagered over three hundredand seventy-five thousand dollars ($375,000); and
(2) One half (1/2) of the breakage to the dime resulting fromthe wagering.