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Can you summarize WARC 82.04.286?
Business and occupation tax. > Tax on horse races.
Short Summary
This legal document pertains to the tax on horse races conducted within the state of Washington. It applies to persons who engage in the business of conducting race meets that require a license from the Washington horse racing commission. The tax is calculated based on the gross income derived from parimutuel wagering, multiplied by a rate of 0.2 percent until June 30, 2024, and 0.26 percent thereafter. The tax collected is deposited into the problem gambling account created in RCW 41.05.751. The gross income of the business does not include amounts paid to players for winning wagers or taxes imposed or other distributions required under chapter 67.16 RCW. It is important to note that this tax is in addition to any tax imposed under chapter 67.16 RCW.
Whom does it apply to?
Persons engaging within this state in the business of conducting race meets
What does it govern?
Tax on horse races
What are exemptions?
Amounts paid to players for winning wagers, or taxes imposed or other distributions required under chapter 67.16 RCW
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Washington