This bill proposes amendments to the West Virginia Lottery Racetrack Table Games Act, specifically modifying the tax rate on a licensee's adjusted gross receipts from table games. The new tax rate will be set at thirty-five percent of the 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 receipts and the corresponding tax liability.

Furthermore, the bill clarifies that the tax imposed is in lieu of other state and local taxes, with exceptions for ad valorem property tax. It also specifies that the Consumers Sales and Services Tax and the Use Tax do not apply to the licensee's gross receipts from table games or their purchases of gaming equipment and supplies. Notably, the bill prohibits any tax credits for investments in gaming equipment or real property improvements related to the operation of table games.

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