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HF 142

as introduced - 92nd Legislature (2021 - 2022) Posted on 04/20/2021 05:49pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 01/19/2021

Current Version - as introduced

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A bill for an act
relating to taxation; lawful gambling; adjusting combined net receipts rates;
amending Minnesota Statutes 2020, section 297E.02, subdivision 6.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2020, section 297E.02, subdivision 6, is amended to read:


Subd. 6.

Combined net receipts tax.

(a) In addition to the taxes imposed under
subdivision 1, a tax is imposed on the combined net receipts of the organization. As used
in this section, "combined net receipts" is the sum of the organization's gross receipts from
lawful gambling less gross receipts directly derived from the conduct of paper bingo, raffles,
and paddlewheels, as defined in section 297E.01, subdivision 8, and less the net prizes
actually paid, other than prizes actually paid for paper bingo, raffles, and paddlewheels, for
the fiscal year. The combined net receipts of an organization are subject to a tax computed
according to the following schedule:

If the combined net receipts
for the fiscal year are:
The tax is:
Not over $87,500
deleted text beginninedeleted text endnew text begin sixnew text end percent
Over $87,500, but not over
$122,500
$7,875 plus deleted text begin18deleted text endnew text begin 12new text end percent of the
amount over $87,500, but not over
$122,500
Over $122,500, but not
over $157,500
$14,175 plus deleted text begin27deleted text endnew text begin 18new text end percent of the
amount over $122,500, but not over
$157,500
Over $157,500
$23,625 plus deleted text begin36deleted text endnew text begin 24new text end percent of the
amount over $157,500

(b) Gross receipts derived from sports-themed tipboards are exempt from taxation under
this section. For purposes of this paragraph, a sports-themed tipboard means a sports-themed
tipboard as defined in section 349.12, subdivision 34, under which the winning numbers
are determined by the numerical outcome of a professional sporting event.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2021.
new text end