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Can you summarize 11 ILAC 1900.1040?
ACCOUNTING, RECORDS, AND DATA > Wagering Tax
Short Summary
This legal document pertains to the payment of wagering taxes by holders of a master sports wagering license in Illinois. The document specifies that each licensee is subject to tax and fee liability assessment under the Act. Wagering taxes are required to be paid via an electronic funds transfer system employing an Automated Clearinghouse Debit method. The document also outlines the calculation of tax and fee reporting information and tax and fee liability, as well as the due date for filing tax and fee schedules and making tax payments. The wagering tax imposed on the licensee is based on adjusted gross sports wagering receipts, which are calculated by subtracting the value of winning wagers from the total value of placed wagers. Additionally, the document mentions a separate tax imposed on adjusted gross receipts from sports wagers placed within a home rule county with a population over 3,000,000 inhabitants. The document also covers adjustments, reconciliation, and audit requirements for tax and fee schedules. It specifies that all wagering taxes paid shall be deposited into the Sports Wagering Fund and transferred to the Capital Projects Fund on a monthly basis. Failure to comply with the provisions of this document may result in penalties and interest, although the Administrator has the authority to waive penalties and interest for certain cases of late filing or payment if good cause is shown. The document also outlines the process for requesting a waiver and the possibility of a hearing before the Board if the waiver is denied.
Whom does it apply to?
Holders of a master sports wagering license
What does it govern?
Wagering tax
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties and interest amounts pursuant to the Uniform Penalty and Interest Act [35 ILCS 735]
Jurisdiction
Illinois