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Can you summarize 67 TNCO Chapter 4, Part 9?
Privilege and Excise Taxes > Fantasy Sports Tax Act
Short Summary
The ‘Fantasy Sports Tax Act’ in Tennessee governs the taxation of fantasy sports activities. It applies to entities involved in fantasy sports, such as operators and participants. The act imposes a tax of six percent (6%) on all adjusted revenues of fantasy sports contests offered by fantasy sports operators to Tennessee consumers. The tax is due and payable quarterly, and returns showing all receipts derived from offering taxable privileges must be submitted on or before the twentieth day immediately following the end of each calendar quarter. The document does not mention any specific exemptions or penalties for non-compliance or violation of the tax provisions. The distribution of taxes, penalties, and interest received by the commissioner is allocated to the general fund, counties based on population, the fantasy sports fund, and the department of revenue for administration of this part.
Whom does it apply to?
Entities involved in fantasy sports, such as operators and participants
What does it govern?
Taxation of fantasy sports activities
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
The document does not mention any specific penalties for non-compliance or violation of the act
Jurisdiction
Tennessee