1. A tax is imposed on the adjusted gross receipts received each fiscal year from gambling games authorized under this chapter at the rate of five percent on the first one million dollars of adjusted gross receipts and at the rate of ten percent on the next two million dollars of adjusted gross receipts.
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Terms Used In Iowa Code 99F.11

  • Adjusted gross receipts: means the gross receipts on gambling games less winnings paid to wagerers on gambling games and less promotional play receipts on gambling games. See Iowa Code 99F.1
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Commission: means the state racing and gaming commission created under section 99D. See Iowa Code 99F.1
  • Division: means the division of criminal investigation of the department of public safety as provided in section 80. See Iowa Code 99F.1
  • Dock: means the location where an excursion gambling boat moors for the purpose of embarking passengers for and disembarking passengers from a gambling excursion. See Iowa Code 99F.1
  • Excursion gambling boat: means an excursion boat or moored barge on which lawful gambling is authorized and licensed as provided in this chapter. See Iowa Code 99F.1
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Gambling excursion: means the time during which gambling games may be operated on an excursion gambling boat whether docked or during a cruise. See Iowa Code 99F.1
  • Gambling structure: means any man-made stationary structure approved by the commission that does not include a racetrack enclosure which is subject to land-based building codes rather than maritime or Iowa department of natural resources inspection laws and regulations on which lawful gambling is authorized and licensed as provided in this chapter. See Iowa Code 99F.1
  • Gross receipts: means the total sums wagered under this chapter. See Iowa Code 99F.1
  • Licensee: means any person licensed under section 99F. See Iowa Code 99F.1
  • Promotional play receipts: means the total sums wagered with tokens, chips, electronic credits, or other forms of cashless wagering provided by the licensee without an exchange of money as described in section 99F. See Iowa Code 99F.1
  • Racetrack enclosure: means all real property utilized for the conduct of a race meeting, including the racetrack, grandstand, concession stands, offices, barns, kennels and barn areas, employee housing facilities, parking lots, and any additional areas designated by the commission. See Iowa Code 99F.1
  • Sports wagering: means the acceptance of wagers on an authorized sporting event or sports-related event by any system of wagering as authorized by the commission. See Iowa Code 99F.1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. The tax rate imposed each fiscal year on any amount of adjusted gross receipts over three million dollars shall be as follows:

 a. If the licensee is an excursion gambling boat or gambling structure, twenty-two percent.
 b. If the licensee is a racetrack enclosure conducting gambling games and another licensee that is an excursion gambling boat or gambling structure is located in the same county, then the following rate, as applicable:

 (1) If the licensee of the racetrack enclosure has not been issued a table games license during the fiscal year or if the adjusted gross receipts from gambling games of the licensee in the prior fiscal year were less than one hundred million dollars, twenty-two percent.
 (2) If the licensee of the racetrack enclosure has been issued a table games license during the fiscal year or prior fiscal year and the adjusted gross receipts from gambling games of the licensee in the prior fiscal year were one hundred million dollars or more, twenty-two percent on adjusted gross receipts received prior to the operational date and twenty-four percent on adjusted gross receipts received on or after the operational date. For purposes of this subparagraph, the operational date is the date the commission determines table games became operational at the racetrack enclosure.
 c. If the licensee is a racetrack enclosure conducting gambling games and no licensee that is an excursion gambling boat or gambling structure is located in the same county, twenty-four percent.
 3. a. Notwithstanding any provision of this section to the contrary, the tax rate imposed on a licensee each fiscal year on any amount of promotional play receipts on gambling games included as adjusted gross receipts shall be determined by multiplying the adjusted percentage by the wagering tax applicable to the licensee pursuant to subsection 2.

 b. For purposes of this subsection, “adjusted percentage” means as follows:

 (1) For the fiscal year beginning July 1, 2021, and ending June 30, 2022, eighty-three and one-third percent.
 (2) For the fiscal year beginning July 1, 2022, and ending June 30, 2023, sixty-six and two-thirds percent.
 (3) For the fiscal year beginning July 1, 2023, and ending June 30, 2024, fifty percent.
 (4) For the fiscal year beginning July 1, 2024, and ending June 30, 2025, thirty-three and one-third percent.
 (5) For the fiscal year beginning July 1, 2025, and ending June 30, 2026, sixteen and two-thirds percent.
 c. This subsection is repealed July 1, 2026.
 4. The taxes imposed by this section on adjusted gross receipts from gambling games authorized under this chapter shall be paid by the licensee to the treasurer of state within ten days after the close of the day when the wagers were made and shall be distributed as follows:

 a. If the gambling excursion originated at a dock located in a city, one-half of one percent of the adjusted gross receipts shall be remitted to the treasurer of the city in which the dock is located and shall be deposited in the general fund of the city. Another one-half of one percent of the adjusted gross receipts shall be remitted to the treasurer of the county in which the dock is located and shall be deposited in the general fund of the county.
 b. If the gambling excursion originated at a dock located in a part of the county outside a city, one-half of one percent of the adjusted gross receipts shall be remitted to the treasurer of the county in which the dock is located and shall be deposited in the general fund of the county. Another one-half of one percent of the adjusted gross receipts shall be remitted to the treasurer of the Iowa city nearest to where the dock is located and shall be deposited in the general fund of the city.
 c. Eight-tenths of one percent of the adjusted gross receipts tax shall be deposited in the county endowment fund created in section 15E.311.
 d. Two-tenths of one percent of the adjusted gross receipts tax shall be allocated each fiscal year as follows:

 (1) Five hundred twenty thousand dollars is appropriated each fiscal year to the economic development authority with one-half of the moneys allocated for operational support grants and the remaining one-half allocated for the community cultural grants program established under section 15.436.
 (2) One-half of the moneys remaining after the appropriation in subparagraph (1) is appropriated to the community development division of the economic development authority for the purposes of regional tourism marketing. The moneys appropriated in this subparagraph shall be disbursed to the authority in quarterly allotments. However, none of the moneys appropriated under this subparagraph shall be used for administrative purposes.
 (3) One-half of the moneys remaining after the appropriation in subparagraph (1) shall be credited, on a quarterly basis, to the rebuild Iowa infrastructure fund created in section 8.57.
 e. The remaining amount of the adjusted gross receipts tax shall be credited as provided in section 8.57, subsection 5.
 5. a. A tax is imposed on the sports wagering net receipts received each fiscal year by a licensed operator from sports wagering authorized under this chapter at the rate of six and three-quarters percent.

 b. The taxes imposed by this subsection for sports wagering authorized under this chapter shall be paid by the licensed operator to the treasurer of state as determined by the commission and shall be credited as provided in section 8.57, subsection 6.
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