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Can you summarize WVCO 29-25-21?
AUTHORIZED GAMING FACILITY. > Taxes on games other than video lottery games.
Short Summary
This legal document pertains to the imposition and rate of limited gaming profits tax on licensed gaming facilities in West Virginia. The tax is levied at a rate of thirty-five percent on the adjusted gross receipts of the gaming facility. Thirty percent of the tax is deposited into the Historic Resort Hotel Fund, while the remaining five percent is deposited into the Human Resource Benefit Fund. The licensee is required to use the accrual method of accounting for calculating the tax. The taxes are due and payable to the commission in weekly installments. In case the adjusted gross receipts for a week are negative, the licensee is allowed to carry over the negative amount to subsequent weeks. The tax imposed by this section is in lieu of all other state and local taxes and fees, except for the ad valorem property tax. The consumers sales and service tax does not apply to the licensee’s gross receipts from wagering on a West Virginia Lottery table game or to the purchasing of gaming equipment, supplies, or services directly used in the operation of the game. Local taxes and fees on the privilege of offering a West Virginia Lottery table game are also replaced by the tax imposed by this section.
Whom does it apply to?
Licensed gaming facilities in West Virginia
What does it govern?
Taxes on games other than video lottery games
What are exemptions?
The consumers sales and service tax imposed pursuant to article fifteen, chapter eleven of this code may not apply to the proceeds from any wagering with respect to a West Virginia Lottery table game pursuant to this article.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
West Virginia