IL HB6939

Amends the Bingo License and Tax Act to change the tax calculation from 5% of gross proceeds to 5% of net proceeds paid to the Department of Revenue.

Payments to the Department of Revenue are made quarterly between the 1st and 20th day of April, July, October, and January, with accompanying tax returns on forms prescribed by the Department.

Failure to submit payment or return within the specified timeframe may result in suspension or revocation of the bingo license.

Revenue deposited with the Department of Revenue is split equally, with 50% going to the Mental Health Fund and 50% to the Common School Fund.

Takes effect immediately upon becoming law.