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Can you summarize 205 CMR 240?
Massachusetts Gaming Commission (formerly State Racing Commission) > Adjusted gross sports wagering and adjusted gross fantasy wagering receipts tax remittance and reporting
Short Summary
This document governs the remittance and reporting of taxes on adjusted gross sports wagering receipts and adjusted gross fantasy wagering receipts. It applies to operators or persons/entities offering sports wagering or fantasy contests. The excise taxes are due and payable in monthly installments on the fifteenth calendar day following the month in which the receipts were received. A monthly remittance report must be filed with the Commission, providing details of gross sports wagering receipts, adjusted gross sports wagering receipts, tax liability for operators, gross fantasy wagering receipts, adjusted gross fantasy wagering receipts, and tax liability for persons/entities offering fantasy contests. The tax must be remitted by electronic funds transfer along with the filing of the remittance report. Negative amounts for adjusted gross sports wagering or adjusted gross fantasy wagering receipts can be carried over to subsequent months with sufficient documentation. The document does not specify any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Operators or persons/entities offering sports wagering or fantasy contests
What does it govern?
Remittance and reporting of taxes on adjusted gross sports wagering receipts and adjusted gross fantasy wagering receipts
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
The document does not specify any specific penalties for non-compliance or violation of its provisions.
Jurisdiction
Massachusetts