Bill Summary for H 347 (2023-2024)
|View NCGA Bill Details||2023-2024 Session|
AN ACT TO AUTHORIZE AND REGULATE WAGERING ON PROFESSIONAL, COLLEGE, AND AMATEUR SPORTS AND ON HORSE RACING IN NORTH4 CAROLINA, AND TO AUTHORIZE LIVE HORSE RACING IN NORTH CAROLINA.Intro. by Saine, Bell, Hawkins, Clemmons.
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House committee substitute to the 1st edition makes the following changes.
Amends the definition of gross wagering revenue in proposed GS 18C-901 so that it is now the total of the following received by an interactive sports wagering operator from sports wagers: (1) cash or cash equivalents, whether collected or not and (2) cash value of any bonuses or promotional bets (was, the total of all cash or cash equivalents only).
Amends proposed GS 105-113.126 by amending the calculation of the privilege tax on interactive sports wagering operators, by reducing the cap on the amount of actual uncollectible receivables from registered players to be deducted from the gross wagering revenue at 2% of gross wagering revenue minus all cash or cash equivalents paid out as winnings to registered players (was, not to exceed 4% with no mention of cash paid out). Also amends the statute by adding that no refund of the tax paid is allowed for an amount that should be subtracted from gross wagering revenue as an actual uncollectable receivable, regardless of whether the amount is actually subtracted or not.
Amends proposed GS 105-113.128 by amending the distribution of the amount of the tax proceeds that remain after the required distributions to the Department of Revenue and Lottery Commission have been made, by also including UNC-Greensboro, UNC-Wilmington, and Western Carolina University among the universities that are to receive: (1) $300,000 to support collegiate athletic departments and (2) a distribution from the 10% allocation of the remaining proceeds, also to be used to support collegiate athletic departments.