Language Page 599, after line 8, insert: "3-5.24 GAMING TAXES$0$0 "A. Notwithstanding subsection A of § 58.1-4124 of the Code of Virginia, the tax on the adjusted gross receipts received from games authorized under Chapter 41 of Title 58.1 of the Code of Virginia shall be imposed at a rate of 40 percent on each licensed operator, except for the licensed operator in the host city under subsection A 2 of § 58.1-4107 of the Code of Virginia.B. Notwithstanding subsection U of § 59.1-392 of the Code of Virginia, the person holding an operator's license as described in subsection U of § 59.1-392 of the Code of Virginia shall retain 32.5 percent of the pari-mutuel pools generated by wagering on historical horse racing."
"A. Notwithstanding subsection A of § 58.1-4124 of the Code of Virginia, the tax on the adjusted gross receipts received from games authorized under Chapter 41 of Title 58.1 of the Code of Virginia shall be imposed at a rate of 40 percent on each licensed operator, except for the licensed operator in the host city under subsection A 2 of § 58.1-4107 of the Code of Virginia.
B. Notwithstanding subsection U of § 59.1-392 of the Code of Virginia, the person holding an operator's license as described in subsection U of § 59.1-392 of the Code of Virginia shall retain 32.5 percent of the pari-mutuel pools generated by wagering on historical horse racing."
Explanation
(This amendment overrides statute and modifies tax rates on casino gaming and pari-mutuel pools generated by historical horse race wagering. The language imposes a 40.0 percent tax rate for casinos operating in a host city within a defined metropolitan statistical area, which does not include Danville. The language requires a pari-mutuel licensee to retain 32.5 percent of the pari-mutuel pool generated by historical horse race wagering. These increased tax rates have an indeterminate positive revenue impact to the general fund and nongeneral funds receiving revenue from these taxes.)