515

There is hereby imposed an annual tax on gross revenues as defined in section 402 of this title as follows:\n(a) Eight (8%) percent per annum during the first two years of operations,\n(b) Ten (10%) percent per annum during the third and fourth years of operations which annual tax on gross revenue shall not be reduced when or if the casino or the hotel or the hotel complex is sold or transferred to a new licensee(s) and or owner(s), and\n(c) Twelve (12%) percent per annum for each succeeding year which annual tax on gross revenue shall not be reduced when or if the casino on the hotel or the hotel complex is sold or transferred to a new licensee(s) and or owner(s). Gross revenues from casino gaming shall not be subject to gross receipts tax. However, gross revenues from hotel operations are subject to gross receipt tax.