Vote Smart's Synopsis:

Vote to pass a bill that consolidates and reduces gaming taxes, effective January 1, 2012.

Highlights:

• Repeals the bingo cards excise tax and the pull tab excise tax and establishes a single consolidated gaming tax (Sec. 1).

• Specifies that the tax rate for the new gaming tax is 1 percent of gross proceeds, whereas existing law specified rates of between 5 and 20 percent depending upon the amount of gross proceeds, with higher levels of gross proceeds being subjected to higher tax rates (Sec. 3).

• Increases the limit for allowable expenses for gaming establishments from 51 percent of adjusted gross proceeds from gaming to 60 percent of adjusted gross proceeds (Sec. 2).

• Requires the Attorney General to deposit 10 percent of the gaming tax into the gaming tax allocation fund to be distributed quarterly to cities and counties, whereas existing law only required 3 percent of taxes to be distributed into the allocation fund (Sec. 3).

• This act is effective January 1, 2012 (Sec. 6).

Full Bill Text