THE IOWA HOUSE HAS APPROVED A BILL THAT SETS UP A DISTRIBUTION FORMULA FOR THE TAXES THE STATE OF IOWA IS COLLECTING FROM IOWA CASINOS THAT OFFER SPORTS WAGERING.
SPORTS BETTING HAS BEEN LEGAL IN IOWA SINCE AUGUST OF 2019, BUT UNLIKE OTHER STATE GAMING REVENUE, THE TAXES FROM SPORTS BETTING HAVE NOT BEEN DEPOSITED IN A STATE INFRASTRUCTURE FUND.
REPRESENTATIVE JACOB BOSSMAN OF SIOUX CITY SAYS THE BILL SETS UP A YEARLY SPENDING PLAN FOR SPORTS WAGERING TAXES.
SPORTBET1 OC…….ALL 99 COUNTIES.” :16
COMMUNITY FOUNDATIONS AND NON-PROFIT CORPORATIONS AROUND THE STATE WILL BE ELIGIBLE FOR THAT BLOCK OF TAXES FROM SPORTS WAGERING.
SPORTBET2 OC…….THROUGHOUT THE STATE.” :09
ABOUT 19-AND-A-HALF MILLION DOLLARS IN TAXES PAID FROM SPORTS BETTING APPS AND SPORTS BOOK AREAS IN IOWA CASINOS IS ESSENTIALLY SITTING IN AN ESCROW ACCOUNT TODAY.
THE BILL PASSED THE HOUSE UNANIMOUSLY THURSDAY NIGHT.
IT NOW GOES TO THE SENATE FOR CONSIDERATION.
