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Can you summarize KYRS 138.513?
EXCISE TAXES > Tax on advance deposit account wagering licensees.
Short Summary
This legal document imposes an excise tax on advance deposit account wagering licensees licensed under KRS 230.260 in Kentucky. The tax rate is one-half of one percent (0.5%) of all amounts wagered through the licensee by Kentucky residents from August 1, 2014, to August 1, 2022. Starting from August 1, 2022, the tax rate increases to one and one-half percent (1.5%) of all amounts wagered through the licensee by Kentucky residents. The tax is to be paid, collected, administered, and distributed as provided in KRS 138.530. This document was amended in 2022 and created in 2014. A typographical error in the original document was corrected to refer to KRS 230.260 instead of KRS 236.260, which relates to advance deposit account wagering licensing in KRS Chapter 230 titled ‘Horse Racing and Showing.’
Whom does it apply to?
Advance deposit account wagering licensees licensed under KRS 230.260
What does it govern?
Excise tax on advance deposit account wagering licensees
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Kentucky