This bill proposes an amendment to the West Virginia Lottery Racetrack Table Games Act, specifically targeting the annual privilege tax imposed on licensees operating table games. The key change is the introduction of an exemption for the first $7,142,857.14 of annual adjusted gross receipts, meaning that only the adjusted gross receipts exceeding this threshold will be subject to the existing tax rate of thirty-five percent. Additionally, the bill outlines the procedures for tax returns and payments, requiring licensees to report their adjusted gross receipts and remit taxes on a weekly basis.

Furthermore, the bill clarifies that the tax imposed is in lieu of other state and local taxes, with specific exemptions from the Consumers Sales and Services Tax and the Use Tax for gross receipts from wagering and purchases related to gaming equipment. It also establishes that no tax credits will be allowed for investments in gaming equipment or real property improvements used in the operation of table games. Overall, the bill aims to provide financial relief to racetrack table game operators by exempting a significant portion of their gross receipts from taxation.

Statutes affected:
Introduced Version: 29-22C-25