"HB 4951 was passed by the Illinois Senate by a 37-22 vote on Sunday, paving the way for a “progressive” tax structure for state providers. That rate depends on revenues for participating sportsbooks. The more you make, the more you pay.
The bill would amend the current 15% tax rate and swap it out for one that would see a graduated tax. The first $30 million in adjusted gross revenue is taxed at 20%, the next $20 million would be taxed at 25%, anything from $50 million to $100 million in AGR would be taxed at 30%, revenue from between $100 million and $200 million would pay a 35% tax and all revenues above $200 million would be taxed at the maximum 40%.
HB 4951 would make Illinois the first state to adopt a purely progressive tax rate for its sports betting industry."
Read the full story here: https://www.sportsbookreview.com/new...s-may-28-2024/
The bill would amend the current 15% tax rate and swap it out for one that would see a graduated tax. The first $30 million in adjusted gross revenue is taxed at 20%, the next $20 million would be taxed at 25%, anything from $50 million to $100 million in AGR would be taxed at 30%, revenue from between $100 million and $200 million would pay a 35% tax and all revenues above $200 million would be taxed at the maximum 40%.
HB 4951 would make Illinois the first state to adopt a purely progressive tax rate for its sports betting industry."
Read the full story here: https://www.sportsbookreview.com/new...s-may-28-2024/