ENTITLED An Act to add an exemption from the calculation of adjusted gross proceeds from gaming.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That § 42-7B-28.2 be AMENDED:
42-7B-28.2. When calculating adjusted gross proceeds for the purpose of applying the tax imposed by §§ 42-7B-28 and 42-7B-28.1:
(1) Free play value provided by the operator is not included in the gross proceeds;
(2) Cash prizes deducted are adjusted to not include an amount equal to ninety percent of the free play value provided by the operator; and
(3) The federal excise tax on sports wagers imposed by 26 U.S.C § 4401 (1982) is a deduction from the adjusted gross proceeds.
An Act to add an exemption from the calculation of adjusted gross proceeds from gaming.
I certify that the attached Act originated in the:
Secretary of the Senate
President of the Senate
Attest:
Secretary of the Senate
Speaker of the House
Attest:
Chief Clerk
File No. ____ Chapter No. ______
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Received at this Executive Office this _____ day of _____________,
2022 at ____________M.
for the Governor
The attached Act is hereby approved this ________ day of ______________, A.D., 2022
ss. Office of the Secretary of State
Filed ____________, 2022 at _________ o'clock __M.
Secretary of State
Asst. Secretary of State
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