The tax commissioner shall collect from each permit holder who conducts a pari-mutuel system of wagering where the wagering is less than five million dollars a sum of money equal to one-tenth of one per cent of the total amount wagered and where the wagering is five million dollars or more a sum of money equal to fifteen hundredths of one per cent of the total amount wagered during any horse-racing meeting for the purpose of providing operating revenue for the political subdivisions wherein such meetings are held. Within ten days after the close of a meeting , the permit holder shall prepare and transmit to the tax commissioner a final report showing the total amount wagered during the horse-racing meeting and any other information required by the commissioner relative to the tax levied by this section. The final report shall be signed by the permit holder or an authorized agent of the permit holder. The commissioner shall prescribe the form of the final report.
The commissioner shall collect the tax due under this section on amounts wagered during a horse-racing meeting within ten days after the close of the meeting. The amount collected by the commissioner shall be made payable to the chief fiscal officers of the municipal corporations or townships in which such horse-racing meeting took place and in which any such facilities or accessory uses therefor were located. The commissioner shall then immediately forward the amount collected to such chief fiscal officers . The amount collected shall be divided equally between the municipal corporations or townships in which such horse-racing meeting took place and in which any facilities or accessory uses therefor were located. Such municipal corporations or townships may distribute a portion of the moneys so received to any adjoining political subdivision which incurs increased expenses because of such horse-racing meeting.
This section shall not apply to any agricultural society which holds a horse-racing permit.
The amount collected under this section from any one permit holder shall not exceed fifteen thousand dollars from any one horse-racing meeting in any calendar year.
Amended by 129th General AssemblyFile No.117,HB 508, §1, eff. 9/6/2012.
Effective Date: 10-12-1994