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Can you summarize 205 CMR 140?
Massachusetts Gaming Commission (formerly State Racing Commission) > Gross gaming revenue tax remittance and reporting
Short Summary
These legal documents govern the computation of gross gaming revenue for gaming licensees in Massachusetts, as well as the remittance and reporting of gross gaming revenue tax. The documents apply to gaming licensees and provide detailed instructions on how to calculate gross gaming revenue, including revenue from table games, slot machines, and other electronic gaming devices. The documents specify that gross gaming revenue does not include amounts received from simulcast wagering or credit extended for purposes other than gaming. Gaming licensees are required to make daily deposits of the tax and assessment, which are transferred to the Gaming Revenue Fund and Racehorse Development Fund. They must also file a daily remittance report and estimate slot machine drop. Additionally, gaming licensees must file a monthly gross gaming revenue report, including tax deposits and cumulative revenue. The commission has the authority to determine insufficiency of deposits, impose penalties and interest, and allow or disallow claims for refunds based on audits. Gaming licensees must also file an annual report on gross gaming revenues and tax payments. The documents also outline the commission’s authority to perform audits on gaming licensees’ books and records, with penalties for non-compliance with audit results. The regulatory authority for these documents is M.G.L. c. 23K, 2, 4(28) and (37), 5, 55, 59, 60.
Whom does it apply to?
Gaming licensees in Massachusetts
What does it govern?
Computation of gross gaming revenue for gaming licensees in Massachusetts, remittance and reporting of gross gaming revenue tax
What are exemptions?
Amounts received from simulcast wagering or credit extended for purposes other than gaming
What are the Penalties?
Penalties and interest for insufficient deposits, penalties for non-compliance with audit results
Jurisdiction
Massachusetts