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90_SB0896
230 ILCS 10/13 from Ch. 120, par. 2413
Amends the Riverboat Gambling Act. Increases the
wagering tax from 20% of adjusted gross receipts to a
graduated rate ranging from 15% to 50%, depending on total
receipts in a fiscal year. Effective July 1, 1997.
LRB9002093LDdv
LRB9002093LDdv
1 AN ACT to amend the Riverboat Gambling Act by changing
2 Section 13.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Riverboat Gambling Act is amended by
6 changing Section 13 as follows:
7 (230 ILCS 10/13) (from Ch. 120, par. 2413)
8 Sec. 13. Wagering tax; Rate; Distribution.
9 (a) Until July 1, 1997, a tax is imposed on the adjusted
10 gross receipts received from gambling games authorized under
11 this Act at the rate of 20%. The taxes imposed by this
12 Section shall be paid by the licensed owner to the Board
13 after the close of the day when the wagers were made.
14 (a-5) Beginning July 1, 1997, a tax is imposed on the
15 adjusted gross receipts received from gambling games
16 authorized under this Act as follows: The first $35,000,000
17 of adjusted gross receipts received from gambling games by
18 the holder of an owner's license in any State fiscal year
19 shall be taxed at a rate of 15%. The next $15,000,000 of
20 adjusted gross receipts received from gambling games by the
21 holder of an owner's license in any State fiscal year shall
22 be taxed at a rate of 35%. All adjusted gross receipts in
23 excess of $50,000,000 received from gambling games by the
24 holder of an owner's license in any State fiscal year shall
25 be taxed at a rate of 50%. The taxes imposed by this Section
26 shall be paid by the licensed owner to the Board after the
27 close of the day when the wagers were made.
28 (b) Twenty-five percent (25%) of the tax revenue
29 deposited in the State Gaming Fund under this Section shall
30 be paid, subject to appropriation by the General Assembly, to
31 the unit of local government which is designated as the home
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1 dock of the riverboat.
2 (c) Appropriations, as approved by the General Assembly,
3 may be made from the State Gaming Fund to the Department of
4 Revenue and the Department of State Police for the
5 administration and enforcement of this Act.
6 (d) From time to time, the Board shall transfer the
7 remainder of the funds generated by this Act into the
8 Education Assistance Fund, created by Public Act 86-0018, of
9 the State of Illinois.
10 (e) Nothing in this Act shall prohibit the unit of local
11 government designated as the home dock of the riverboat from
12 entering into agreements with other units of local government
13 in this State or in other states to share its portion of the
14 tax revenue.
15 (Source: P.A. 88-670, eff. 12-2-94; 89-21, eff. 7-1-95.)
16 Section 99. Effective date. This Act takes effect July
17 1, 1997.