§ 42-7b-28-2

42-7B-28.2. Calculation of adjusted gross proceeds.When calculating adjusted gross proceeds for the purpose of applying the tax imposed by §§42-7B-28 and 42-7B-28.1:(1)Free play value provided by the operator is not included in the gross proceeds;(2)Cash prizes deducted are adjusted to not include an amount equal to ninety percent of the free play value provided by the operator; and(3)The federal excise tax on sports wagers imposed by 26 U.S.C. §4401 (1982) is a deduction from the adjusted gross proceeds. Source: SL 2015, ch 219, §1; SL 2022, ch 162, §1.