N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1407 – State tax
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§ 1407. State tax. For the privilege of conducting interactive fantasy sports contests in the state, registrants shall pay a tax equivalent to fifteen percent of their interactive fantasy sports gross revenue generated within the state; in addition, registrants shall pay a tax equal to one-half of one percent, but not to exceed fifty thousand dollars annually.
Terms Used In N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1407
- Interactive fantasy sports gross revenue: shall mean the amount equal to the total of all entry fees not attributable to New York state prohibited sports events that a registrant collects from all players, less the total of all sums not attributable to New York state prohibited sports events paid out as winnings to all players, multiplied by the resident percentage for New York state; provided, however, that the total of all sums paid out as winnings to players shall not include the cash equivalent value of any merchandise or thing of value awarded as a prize. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401