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2023 SESSION

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HB 2202 Sports betting; adjusted gross revenue.

Introduced by: Roxann L. Robinson | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Sports betting; adjusted gross revenue. Gradually reduces the exclusion from a sports betting permit holder's adjusted gross revenue, on which it is taxed, all cash and the cash value of merchandise paid out as winnings to bettors, and the value of all bonuses or promotions provided to bettors as an incentive to place or as a result of their having placed Internet sports betting wagers, by limiting such exclusion from adjusted gross revenue to no more than 2.5 percent of the total amount of all sports betting wagers placed with that permit holder each month between July 1, 2023, and July 1, 2024; no more than 2.25 percent of the total amount of all sports betting wagers placed with that permit holder each month between July 1, 2024, and July 1, 2025; no more than two percent of the total amount of all sports betting wagers placed with that permit holder each month between July 1, 2025, and July 1, 2026; and no more than 1.75 percent of the total amount of all sports betting wagers placed with that permit holder each month on and after July 1, 2026. The bill also provides that a permit holder, through the first 12 months of sports betting activity, may exclude from adjusted gross revenue the value of allowable bonuses or promotions provided to bettors as an incentive to place or as a result of their having placed Internet sports betting wagers. After the first 12 months of sports betting activity, a permit holder's adjusted gross revenue is subject to the aforementioned determination.


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