House Sponsors: MCKEON. Short description: RIVERBOATS-WAGERING TAX INCR Synopsis of Bill as introduced: Amends the Riverboat Gambling Act. Increases the wagering tax by 11% of annual adjusted gross receipts. Provides that an amount equal to 10% of adjusted gross receipts shall be transferred from the State Gaming Fund to the General Revenue Fund. Provides that an amount equal to 1% of adjusted gross receipts shall be paid to the unit of local government that is designated as the home dock of the riverboat. Provides that certain wagering tax revenues shall be paid into the Education Assistance Fund rather than the Horse Racing Equity Fund. Amends the State Finance Act and the Illinois Horse Racing Act of 1975 to abolish the Horse Racing Equity Fund and make corresponding changes. Effective July 1, 2002. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status