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Can you summarize NERS 2-1208.01?
AGRICULTURE > Parimutuel wagering; tax; rates; return.
Short Summary
This legal document imposes a tax on the gross sum wagered by the parimutuel method at each race enclosure in Nebraska. The tax rates vary based on the amount wagered: the first ten million dollars are exempt from taxation, amounts over ten million dollars but less than or equal to seventy-three million dollars are taxed at a rate of two and one-half percent, and amounts exceeding seventy-three million dollars are taxed at a rate of four percent. Additionally, licensees are allowed to retain a certain percentage of the first taxable seventy million dollars at each race meeting for capital improvements and maintenance purposes, which serves as a credit against the tax. A monthly return must be filed with the Department of Revenue, and the net tax due must be paid by the tenth day of the following month.
Whom does it apply to?
Race enclosures and licensees conducting race meetings
What does it govern?
Parimutuel wagering tax rates and returns
What are exemptions?
The first ten million dollars of the gross sum wagered is not taxed.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Nebraska