Michigan Laws 432.514 – Report of monthly fantasy contest adjusted revenues; tax; exception; fantasy contest fund; failure to remit; penalties; state school aid fund
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 432.514
- Board: means the Michigan gaming control board created under section 4 of the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 432.502
- Fantasy contest: means a simulated game or contest with an entry fee that meets all of the following conditions:
(i) No fantasy contest team is composed of the entire roster of a real world sports team. See Michigan Laws 432.502Fantasy contest adjusted revenues: means the amount equal to the total of all entry fees that a fantasy contest operator collects from all fantasy contest players minus the total of all sums paid out as prizes or awards to all fantasy contest players, multiplied by the in-state percentage. See Michigan Laws 432.502 Fantasy contest operator: means a person that operates, carries on, conducts, maintains, exposes, or offers for play fantasy contests and awards prizes of value and includes a licensed fantasy contest operator, a casino licensee under the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 432.502 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Person: means an individual, partnership, corporation, association, limited liability company, federally recognized Indian tribe, or other legal entity. See Michigan Laws 432.502 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) A fantasy contest operator shall report to the board and pay from its monthly fantasy contest adjusted revenues, on a form and in the manner prescribed by the board, a tax of 8.4% of its monthly fantasy contest adjusted revenues. This subsection does not apply to a person running a contest solely from his or her private residence under section 3(2).
(2) The tax imposed under subsection (1) must be payable to the board by the twentieth day of each month and must be based on monthly fantasy contest adjusted revenue derived during the previous month.
(3) The tax imposed and collected by the board under subsection (1) must be deposited into the fantasy contest fund created under section 16.
(4) A licensed fantasy contest operator who fails to remit to the board the tax imposed under this section is liable, in addition to any sanction or penalty imposed under this act, for the payment of a penalty of 5% per month up to a maximum of 25% of the amounts ultimately found to be due, to be recovered by the board. Penalties imposed and collected by the board under this subsection must be deposited into the state school aid fund established under section 11 of article IX of the state constitution of 1963.