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Can you summarize MICL 432.514?
FANTASY CONTESTS CONSUMER PROTECTION ACT (432.501 - 432.516) > Report of monthly fantasy contest adjusted revenues; tax; exception; fantasy contest fund; failure to remit; penalties; state school aid fund.
Short Summary
This legal document, the Michigan Compiled Laws under the Fantasy Contests Consumer Protection Act, governs the reporting and taxation requirements for fantasy contest operators. Fantasy contest operators are required to report to the board and pay a tax of 8.4% of their monthly fantasy contest adjusted revenues. However, this tax does not apply to contests run solely from a person’s private residence. The tax must be paid to the board by the twentieth day of each month and is based on the previous month’s fantasy contest adjusted revenue. The tax collected by the board is deposited into the fantasy contest fund. Failure to remit the tax results in a penalty of 5% per month, up to a maximum of 25% of the amounts ultimately found to be due, in addition to any other sanctions or penalties imposed under this act. The penalties collected by the board are deposited into the state school aid fund. This legal document was enacted in 2019 under Act 157.
Whom does it apply to?
Fantasy contest operators
What does it govern?
Monthly fantasy contest adjusted revenues, tax, exception, fantasy contest fund, failure to remit, penalties, state school aid fund
What are exemptions?
Contests run solely from a person's private residence
What are the Penalties?
A penalty of 5% per month up to a maximum of 25% of the amounts ultimately found to be due, in addition to any sanction or penalty imposed under this act
Jurisdiction
Michigan