House Bill No. [insert number] proposes amendments to the existing laws regarding online sports wagering tax revenue and the support of student athletes in Louisiana. The bill increases the tax rate on net gaming proceeds from online sports wagering from fifteen percent to twenty-one and one-half percent. It also reallocates the tax revenue, stipulating that twenty-five percent of the collected funds will be credited to a newly established Supporting Programs, Opportunities, Resources, and Teams Fund, while three percent will go to the Louisiana Postsecondary Inclusive Education Fund. The remaining funds will continue to be available as state general funds.

Additionally, the bill creates the Supporting Programs, Opportunities, Resources, and Teams Fund, which will be managed by the state treasurer and used to support athletic departments at public universities that participate in NCAA Division One athletics. The fund will provide benefits to student athletes, including scholarships, medical coverage, and facility enhancements, while ensuring that these funds do not replace existing awards or scholarships. The Board of Regents is tasked with distributing the funds equally among eligible institutions, ensuring that all participating universities receive support for their athletic programs.

Statutes affected:
HB639 Original: 27:625(B)
HB639 Engrossed: 27:625(B)
HB639 Reengrossed: 27:625(B)
HB639 Enrolled: 27:625(B)