S.F. No. 1435 Summary

• Reduces combined net receipts tax rates for lawful gambling organizations: from 9% to 7% for receipts not over $87,500; from 18% to 15% for receipts over $87,500 but not over $122,500; from 27% to 22% for receipts over $122,500 but not over $157,500; and from 36% to 30% for receipts over $157,500

• Exempts gross receipts derived from sports-themed tipboards (where winning numbers are determined by professional sporting event outcomes) from the combined net receipts tax

• Modifies the stadium reserve calculation baseline for fiscal years 2024, 2025, 2026 and thereafter, replacing the February 2012 state budget forecast with specific baseline amounts to be determined

• Tax rate reductions take effect for games reported as played after June 30, 2023

• Stadium reserve calculation amendment takes effect the day following final enactment