Florida Statutes 550.09516 – Credit for eligible permitholders conducting thoroughbred racing
Current as of: 2024 | Check for updates
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Terms Used In Florida Statutes 550.09516
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- Commission: means the Florida Gaming Control Commission. See Florida Statutes 550.002
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- pari-mutuel wagering: means a system of betting on races or games in which the winners divide the total amount bet, after deducting management expenses and taxes, in proportion to the sums they have wagered individually and with regard to the odds assigned to particular outcomes. See Florida Statutes 550.002
- Thoroughbred: means a purebred horse whose ancestry can be traced back to one of three foundation sires and whose pedigree is registered in the American Stud Book or in a foreign stud book that is recognized by the Jockey Club and the International Stud Book Committee. See Florida Statutes 550.002
(1) Beginning July 1, 2023, each permitholder authorized to conduct pari-mutuel wagering meets of thoroughbred racing under this chapter is eligible for a credit equal to the amount paid by the permitholder in the prior state fiscal year to the federal Horseracing Integrity and Safety Authority, inclusive of any applicable true-up calculations or credits made, granted, or applied to the assessment imposed on the permitholder or the state by such authority, for covered horseracing in the state, pursuant to the Horseracing Integrity and Safety Act of 2020 as set forth in the Consolidated Appropriations Act, 2021, Pub. L. No. 116-260.
(2) The commission shall require sufficient documentation to substantiate the amounts paid by an eligible permitholder to qualify for the tax credit under this section.
(3) Beginning July 1, 2023, and each July 1 thereafter, each permitholder granted a credit pursuant to this section may apply the credit to the taxes and fees due under ss. 550.0951, 550.09515, and 550.3551(3), less any credit received by the permitholder under s. 550.09515(6), and less the amount of state taxes that would otherwise be due to the state for the conduct of charity day performances under s. 550.0351(4). The unused portion of the credit may be carried forward and applied each month as taxes and fees become due. Any unused credit remaining at the end of a fiscal year expires and may not be used.
(4) The commission may adopt rules to implement this section.