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SB1142

Sports betting; adjusted gross revenue, definitions.

Status:
Killed

Chief Patron:
Jeremy McPike (D)

Session:
2023 Regular Session

Summary

As Passed House of Origin. Sports betting; adjusted gross revenue.

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 eliminating such exclusion for the first 12 months of sports betting activity for a permit holder, and subsequently limiting such exclusion to no more than 1.75 percent of the total amount of all sports betting wagers placed with that permit holder each month after the first 12 months of sports betting activity for a permit holder. Under current law, pursuant to the 2022 Special Session I appropriation act, after the first 12 months of sports betting activity, a permit holder is prohibited from excluding from adjusted gross revenue any bonuses or promotions provided to bettors as an incentive to place or as a result of their having placed Internet sports betting wagers. (Less)

  • Bill History

  • 01/10/2023 - Senate: Prefiled and ordered printed; offered 01/11/23 23101704D
  • 01/10/2023 - Senate: Referred to Committee on Finance and Appropriations
  • 01/27/2023 - Senate: Senate committee, floor amendments and substitutes offered
  • 01/31/2023 - Senate: Reported from Finance and Appropriations with substitute (11-Y 4-N)
  • 01/31/2023 - Senate: Committee substitute printed 23105663D-S1
  • 02/01/2023 - Senate: Constitutional reading dispensed (40-Y 0-N)
  • 02/02/2023 - Senate: Read second time
  • 02/02/2023 - Senate: Reading of substitute waived
  • 02/02/2023 - Senate: Committee substitute agreed to 23105663D-S1
  • 02/02/2023 - Senate: Engrossed by Senate - committee substitute SB1142S1
  • 02/03/2023 - Senate: Read third time and passed Senate (31-Y 7-N 1-A)
  • 02/08/2023 - House: Placed on Calendar
  • 02/08/2023 - House: Read first time
  • 02/08/2023 - House: Referred to Committee on General Laws
  • 02/09/2023 - House: House committee, floor amendments and substitutes offered
  • 02/09/2023 - House: Reported from General Laws with substitute (16-Y 6-N)
  • 02/09/2023 - House: Referred to Committee on Appropriations
  • 02/09/2023 - House: Committee substitute printed 23106542D-H1
  • 02/10/2023 - House: Assigned App. sub: General Government and Capital Outlay
  • 02/13/2023 - Senate: Impact statement from DPB (SB1142H1)
  • 02/13/2023 - House: Tabled in Appropriations (21-Y 0-N)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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