This bill proposes an amendment to the West Virginia Lottery Racetrack Table Games Act, specifically targeting the annual privilege tax imposed on racetrack table games licensees. The key change is the exemption of the first $7,142,857.14 of annual adjusted gross receipts from taxation. The tax rate will remain at thirty-five percent, but it will only apply to adjusted gross receipts that exceed this threshold. Additionally, the bill outlines the process for tax returns and payments, requiring licensees to report their adjusted gross receipts weekly and remit the corresponding tax electronically.

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 related to table games. It also prohibits any credits against the tax for investments in gaming equipment or real property improvements used in the operation of these games. Overall, the bill aims to provide financial relief to racetrack table games operators by exempting a significant portion of their earnings from the annual privilege tax.

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