The bill focuses on regulating and enhancing leisure activities in Iowa, particularly in the areas of gambling and sports wagering. It introduces new provisions that allocate $8 million annually from the sports wagering receipts fund to the public safety equipment fund starting in fiscal year 2026. Additionally, the bill modifies the structure of gaming enforcement revolving funds by increasing the annual license fee for gambling structures from five to ten dollars per person capacity and revising tax rates on adjusted gross receipts. Specifically, the tax rate for excursion gambling boats and gambling structures is set at 22%, while racetrack enclosures conducting gambling games will be taxed at 24.125%.

Moreover, the legislation establishes the Iowa major events and tourism program and fund, which aims to provide financial assistance to entities hosting significant events that can boost economic development and tourism in the state. This new program will replace the existing sports tourism marketing program, consolidating efforts to support large events. The bill also increases the tax rate on sports wagering net receipts from 6.75% to 9% and mandates the transfer of any remaining funds from the repealed sports tourism marketing program to the new tourism fund. Overall, the bill seeks to enhance Iowa's tourism and entertainment sectors while ensuring proper regulation and funding for associated activities.

Statutes affected:
Introduced: 8.57I, 80.48, 99D.14, 80.43, 99F.10, 99F.4, 99F.11, 15.106A, 15F.401, 15J.4, 15F.403, 15F.402