TN Bills Would Change Sports Betting Tax Rates
Currently, sportsbooks have adjusted gross income taxed at 20% with a 10% hold requirement. An amendment to HB 1362 (filed by Rep. Andrew Farmer) would instead impose a 1.85% monthly privilege tax on total gross wagers less cancelled or voided wagers.
An amendment to SB 475 (filed by Sen. John Stevens) would set the rate at 2%. HB 1362 would also end of the official league data requirement.
HB 1362 passed the House Departments & Agencies Subcommittee on Mar. 8, passed the State Government Committee on Mar. 15, and was referred to the Finance, Ways, and Means Committee. The bill was set to be heard by the Finance, Ways, and Means Subcommittee on Mar. 22, but the committee postponed the hearing. SB 475 passed the Senate State & Local Government Committee on Mar. 14, was then referred to the Senate Finance, Ways, and Means Committee, and is scheduled to be considered by the Committee on Mar. 28.
Copies of the bills along with fiscal memos prepared for HB 1362 can be accessed here.