RIVERBOATS-WAGERING TAX INCR
Synopsis of Bill as introduced:
Amends the Riverboat Gambling Act. Increases the wagering tax by
11% of annual adjusted gross receipts. Provides that an amount equal
to 10% of adjusted gross receipts shall be transferred from the State
Gaming Fund to the General Revenue Fund. Provides that an amount equal
to 1% of adjusted gross receipts shall be paid to the unit of local
government that is designated as the home dock of the riverboat.
Provides that certain wagering tax revenues shall be paid into the
Education Assistance Fund rather than the Horse Racing Equity Fund.
Amends the State Finance Act and the Illinois Horse Racing Act of 1975
to abolish the Horse Racing Equity Fund and make corresponding
changes. Effective July 1, 2002.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status