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Can you summarize KSST 74-8823?
PARIMUTUEL RACING > Tax on parimutuel wagering.
Short Summary
This legal document imposes a tax on parimutuel wagering in Kansas. The tax rates vary depending on the type of race and the amount wagered. For live horse races, a tax at the rate of 3/18 is imposed on the total daily takeout from parimutuel pools. For live greyhound races, the tax rates differ based on the years of racing and the amount wagered. The tax imposed on simulcast races displayed in Kansas is also 3/18 of the total daily takeout. Additionally, a tax at the rate of 3% is imposed on the total amount wagered on historical horse races. The tax must be remitted to the commission by the organization licensee, and the commission is responsible for auditing and verifying the correct amount of tax received. The tax moneys received are deposited in the state racing fund. It is important to note that this document does not impose any tax on amounts wagered on electronic gaming machine games operated under the Kansas expanded lottery act.
Whom does it apply to?
Organizations conducting parimutuel wagering on live horse races and live greyhound races in Kansas
What does it govern?
Tax on parimutuel wagering
What are exemptions?
Amounts wagered on electronic gaming machine games operated pursuant to the Kansas expanded lottery act
What are the Penalties?
No specific penalties mentioned in the document
Jurisdiction
Kansas