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Can you summarize KYRS 138.552?
EXCISE TAXES > Definitions -- Tax on sports wagering licensees -- Reporting requirements.
Short Summary
This legal document imposes an excise tax on persons licensed to conduct sports wagering in Kentucky. The tax rates vary depending on whether the wagers are placed at a licensed track or online via websites or mobile applications. The tax revenue is appropriated to the sports wagering administration fund. The Department of Revenue is responsible for enforcing the provisions of this section and collecting the taxes and penalties. The tax is due and payable monthly, and negative amounts can be carried over to subsequent months within a 12-month period. The payment must be accompanied by a return form that reports various information, including the total sum of wagers collected, winnings paid, adjusted gross revenue, tax rates, federal excise taxes paid, and the total wagering tax due. The taxes must be paid via electronic funds transfer. Violations of this section may result in civil penalties and license suspension, revocation, or non-renewal by the Kentucky Horse Racing Commission. The taxes imposed by this section are in lieu of all other state and local taxes and fees related to sports wagering.
Whom does it apply to?
Persons licensed to conduct sports wagering under KRS 230.811 and 230.814
What does it govern?
Tax on sports wagering licensees
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Uniform civil penalties imposed pursuant to KRS 131.180 and interest at the tax interest rate as defined in KRS 131.010(6)
Jurisdiction
Kentucky