Mich. Admin. Code R. 432.767 - Taxes and payments
Rule 767.
(1) The
internet sports betting platform must be able to generate reports supporting
adjusted gross sports betting receipts, wagering liability, winnings, and any
other reports considered necessary by the board or as required by the internal
controls. The reporting must be done on a form and in the manner prescribed by
the board.
(2) If the amount of
adjusted gross sports betting receipts for a month is a negative figure, the
sports betting operator shall not remit a sports betting tax or payment for
that month. Any negative adjusted gross sports betting receipts must be carried
over and calculated as a deduction on the tax form or payment form on the
subsequent months until the negative figure has been brought to a zero
balance.
(3) A sports betting
operator who fails to remit to the board the tax or payment imposed under the
act is liable for payment of a fine, as determined by the board of up to 25%
per month of the amounts ultimately found to be due, to be recovered by the
board.
Notes
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