Minnesota HF797 reduces combined net receipts tax rates and expands brackets for lawful gambling, exempting sports-themed tipboard gross receipts.

Minnesota HF797 amends the state's tax laws concerning lawful gambling by reducing the combined net receipts tax rates and expanding the tax brackets. The bill modifies the tax schedule for organizations engaged in lawful gambling, adjusting the tax rates and the income brackets they apply to. Additionally, it exempts gross receipts from sports-themed tipboards, which are defined as tipboards where winning numbers are determined by the numerical outcome of a professional sporting event, from taxation. This change is set to take effect on July 1, 2025.

Minnesota HF797 reduces combined net receipts tax rates and expands brackets for lawful gambling, exempting sports-themed tipboard gross receipts.

Minnesota HF797 amends the state's tax laws concerning lawful gambling by reducing the combined net receipts tax rates and expanding the tax brackets. The bill modifies the tax schedule for organizations engaged in lawful gambling, adjusting the tax rates and the income brackets they apply to. Additionally, it exempts gross receipts from sports-themed tipboards, which are defined as tipboards where winning numbers are determined by the numerical outcome of a professional sporting event, from taxation. This change is set to take effect on July 1, 2025.