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Can you summarize 13 NJAC Chapter 69L?
LAW AND PUBLIC SAFETY > TAXES
Short Summary
This legal document governs the taxation of various types of gross revenue in New Jersey. It imposes an annual tax of 8% on gross revenue and 15% on gross revenue from Internet gaming. Gross revenue from casino sports pool operations and casino online sports pool operations are subject to an 8.5% and 13% annual tax, respectively. Similarly, gross revenue from racetrack sports wagering operations and racetrack online sports wagering operations are subject to an 8.5% and 13% annual tax, respectively. The document also provides definitions for various terms used in the context of taxes on gaming operations. It clarifies the tax year, filing obligations, and liability for taxation obligations. Additionally, the document outlines the authority of the Division of Taxation to perform audits of casino and racetrack licensees’ books and records. It specifies the process for certifying gross revenue and notifies operators of any tax deficiencies. The document also allows casino operators to deduct eligible promotional gaming credits from their gross revenue. Monthly reporting and allocation of promotional gaming credits are required. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Casino and racetrack licensees in New Jersey
What does it govern?
Taxation of various types of gross revenue in New Jersey
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
New Jersey