SF 4522 - Combined Net Receipts Tax Modification

• Reduces the combined net receipts tax rate on lawful gambling organizations from 9 percent to 7 percent for receipts not over $87,500

• Lowers tax rates on tiered brackets: from 18 to 15 percent (over $87,500-$122,500), from 27 to 23 percent (over $122,500-$157,500), and from 36 to 31 percent (over $157,500)

• Reduces the base tax amounts at each bracket threshold: from $7,875 to $6,125, from $14,175 to $11,375, and from $23,625 to $19,425

• Exempts gross receipts derived from sports-themed tipboards (where winning numbers are determined by professional sporting event outcomes) from taxation under this section

• Effective date is July 1, 2022