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Can you summarize MICL 432.414?
LAWFUL SPORTS BETTING ACT (432.401 - 432.419) > Imposition of tax; exception.
Short Summary
This legal document, known as the Lawful Sports Betting Act, governs the taxation of sports betting operators in Michigan. According to the document, sports betting operators, excluding Indian tribes, are subject to a tax of 8.4% on their adjusted gross sports betting receipts. Indian tribes, on the other hand, are subject to different payment requirements as specified in section 7(1)(f). The tax or payment is to be paid on a monthly basis, with the payment for each monthly accounting period due on the tenth day of the following month. The document also states that sports betting operators are not subject to any other taxes, payments, or fees exclusively imposed on them by the state or any political subdivision, except as provided in this act. However, this exemption does not affect any existing development agreements between a city and a sports betting operator holding a casino license under the Michigan Gaming Control and Revenue Act. Additionally, if a city has imposed a municipal services fee on a casino licensee, it may charge a 1.25% fee on the adjusted gross sports betting receipts of a sports betting operator with a casino license in that city. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Sports betting operators, except for Indian tribes
What does it govern?
Taxation of sports betting operators
What are exemptions?
Indian tribes are subject to different payment requirements
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Michigan