1991-080 - Laserfiche WebLink

Home Browse Search

RACETRACK AND JAI ALAI FRONTON FONDS Tames on Pari -Mutual Wagering Chapters 550 and 551, Florida Statutes, provide for the levy, collection and distribution of taxes based upon a percentage of the total wagering through the pari-mutuel operated pools on every horse and dog track and jai alai fronton in the State and on every race or game at such tracks or frontons and, also, a 15% tax (or ten cents, if greater) on entrance gate admissions charged for such races or games. The Division of Pari-mutuel Wagering of the Florida Department of Business Regulation (the "Division") supervises all pari-mutuel wagering throughout the State. The State receives as a tax on all horse racing performances an amount equal to 3.3% of the "handle" in excess of $300,000 for each performance per day with certain exceptions. "Handle" is defined as the aggregate of contributions to all pari-mutuel pools on races conducted by the permit holder. The State also receives (i) as a tax on dog racing, an amount equal to 7.6% of the handle in excess of $25,000 for each performance per day with certain exceptions, and (ii) as a tax on all jai alai fronton performances, an amount equal to 7.1% of the handle in excess of $25,000 for each performance per day with certain exceptions. In addition to the foregoing taxes, the State receives, as a tax, an amount equal to the "breaks" from each permit holder conducting dog racing and jai alai performances. "Breaks" represent that portion of each pari-mutuel pool which is not redistributed to the wagering public or withheld by the track. All amounts received by the State as admission tax, tax on the handle, and tax on the breaks are deposited with the State Treasurer; one-half (1/2) of that amount is credited to the Pari-mutuel Wagering Trust Fund, and the remaining half is credited to the General Revenue Fund. All amounts received from occupational licenses from those persons connected with a racetrack, administrative fines and penalties, and other miscellaneous receipts associated with pari-mutuel activity are also credited to the Pari-mutuel Wagering Trust Fund. All moneys deposited to the credit of the Pari-mutuel Wagering Trust Fund shall be distributed in the following manner: (1) In each fiscal year, the sum of $29,915,500 is divided into as many equal parts as there are counties in the State of Florida (67) and one part is distributed to each county; any excess of such moneys is transferred to the General Revenue Fund. (2) If the sum available for distribution in the Pari- mutuel WageringTrust Fund is less than $29,915,500, the deficiency shall be paid into the Pari-mutuel Wagering Trust Fund from the 20