This bill proposes amendments to the West Virginia Lottery Racetrack Table Games Act, specifically modifying the tax rate on licensees' adjusted gross receipts from table games. The new tax rate will be set at thirty-five percent, but only on adjusted gross receipts that exceed $7,142,857.14 in any license year. Additionally, the bill stipulates that the tax must be calculated using the accrual method of accounting and requires licensees to submit weekly tax returns electronically, detailing their gross and adjusted gross receipts, along with the tax owed.

Furthermore, the bill clarifies that the tax imposed is in lieu of other state and local taxes, with specific exemptions for certain taxes related to the operation of table games. It also prohibits any credits against the tax for investments in gaming equipment or real property improvements used in the operation of table games. Overall, the bill aims to streamline the tax process for racetrack table games while ensuring that the state collects appropriate revenue from these operations.

Statutes affected:
Introduced Version: 29-22C-26