IA SF625

Creates the Iowa horse racing fund to support horse racing industry regulation in accordance with the federal Horseracing Integrity and Safety Act of 2020, funded by a 2% tax on advance deposit wagering and simulcast horse race tax revenue

Increases the annual license fee for excursion gambling boats and gambling structures from $5 to $10 per person capacity

Establishes a flat 22% wagering tax rate for excursion gambling boats and gambling structures, and 24.12% for racetrack enclosures conducting gambling games, replacing the previous tiered tax structure

Increases the sports wagering tax rate from 6.75% to 9% on net receipts

Appropriates $8 million annually from the sports wagering receipts fund to the public safety equipment fund beginning July 1, 2026

Directs wagering tax receipts to the gaming enforcement revolving fund to cover Department of Public Safety costs for gambling enforcement activities, including salaries and support for Division of Criminal Investigation agents

Takes effect July 1, 2026