Iowa Admin. Code r. 491-14.6 - Taxes
(1) The licensee
shall pay a tax rate pursuant to Iowa Code section
99E.6
on adjusted revenue from fantasy sports contests. "Adjusted revenue" means the
amount equal to the total charges and fees collected from all participants
entering the fantasy sports contest less winnings paid to participants in the
contest, multiplied by the location percentage defined in Iowa Code section
99E.1. Charges and
fees returned to participants due to a participant withdrawing the
participant's entry from a fantasy sports contest shall not be considered when
calculating the adjusted revenue. Contests resulting in negative adjusted
revenue shall be considered promotional in nature and cannot be used to offset
taxes owed pursuant to Iowa Code section
99E.6.
(2) Voided and canceled
transactions are not considered receipts for the purpose of this
calculation.
(3) Any offering used
to directly participate in a contest shall be considered receipts for the
purpose of this calculation.
(4)
Any other fee collected to participate in a fantasy sports contest shall be
subject to the wagering tax pursuant to Iowa Code section
99E.6.
(5) All moneys collected for and owed to the
state of Iowa under Iowa Code chapter 99E for the payment of fantasy sports
contests shall be accounted for and itemized on a monthly basis, in a format
approved by the commission, by noon on Wednesday following a gaming week's end
as defined by 491-subparagraph 5.4(10)"b(1) in which the
completed gaming week includes the last day of the month. All fantasy sports
contest fees owed shall be received in the treasurer's office by 11 a.m. on the
Thursday after accounting and itemization is due in the commission
office.
(6) Fantasy sports
operators shall provide additional reports, as determined necessary by the
administrator, that detail the taxes collected in accordance with this rule.
Reports shall be provided to the commission in a format approved by the
administrator. The administrator shall provide written notice to any licensee
if additional reports are determined necessary. In addition, the administrator
shall provide adequate time to any licensee if a report needs to be created to
satisfy this requirement.
Notes
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