Source: http://legis.delaware.gov/json/BillDetail/GenerateHtmlDocument?legislationId=26015&legislationTypeId=1&docTypeId=2&legislationName=HB249
Timestamp: 2019-05-25 17:20:09
Document Index: 579782493

Matched Legal Cases: ['§ 78', '§ 1404', '§ 4868', '§ 4869', '§ 4868', '§ 4870']

(c) The General Assembly further finds that as the internet has become an integral part of society, and interactive fantasy sports a major form of entertainment for many consumers, any interactive fantasy sports enforcement and regulatory structure must begin from the bedrock premise that participation is lawful and licensed interactive fantasy sports industry is a privilege and not a right, and that regulatory oversight is intended to safeguard the integrity of the games and participants to ensure accountability and the public trust.
(3) "Commission" means the Delaware Lottery Commission.
(4) “Director” means Director of the State Lottery Office or his or her designee.
(c) The Director shall publish a list of all operators registered in Delaware pursuant to this subchapter on the State Lottery website for public use.
(3) If a business entity other than a corporation, the full names and addresses of the principals, partners, shareholders holding five percent or more equity, and ultimate equitable owners.
(4) Whether such corporation or entity files information and reports with the United States Securities and Exchange Commission as required by section thirteen of the Securities Exchange Act of 1934, 27 15 U.S.C. §§ 78a-78kk; or whether the securities of the corporation or entity are regularly traded on an established securities market in the United States.
(b) The Director may require the full names and addresses of the officers and directors of any creditor of the operator, and of those stockholders who hold more than ten percent of the stock of the creditor.
(4) At any time, knowingly failed to comply with any requirement outlined in § 1404 of this chapter, any other provision of this chapter, any regulations promulgated by the Director, or any other additional requirements of the Director.
(b) Each registrant shall restrict the number of entries submitted to one entry by a single authorized player for a contest involving 12 entries or fewer. Each registrant shall restrict the number of entries submitted by a single authorized player to two entries for a contest involving 13-36. Each registrant shall restrict the number of entries submitted by a single authorized player to three entries for a contest involving 37-100 entries. In any contest involving more than 100 entries, registrants shall restrict the number of entries submitted by a single authorized player to 3% of all entries or 150 entries, whichever is smaller.
(e) Operators shall not directly or indirectly operate, promote or advertise any platform or contest to persons located in Delaware state unless registered pursuant to this subchapter or the operators conducted business in Delaware prior to the enactment of this Act.
(3) To review and approve each platform and contest offered by an operator or registrant.
(c) The Director shall annually publish a report based on the aggregate information provided by all registrants pursuant to subdivision one of this section, which shall be published on the State Lottery website no later than one hundred eighty days after the deadline for the submission of individual reports as specified in subsection (a) of this section.
§ 4868. State tax.
For the privilege of conducting interactive fantasy sports contests in the state, registrants shall pay a tax equivalent to fifteen percent of their interactive fantasy sports gross revenue generated within the state. In addition, registrants shall pay an annual fee in the amount of $50,000.
§ 4869. Disposition of taxes.
(a) The Director shall pay into the general fund all taxes imposed by this subchapter; any interest and penalties imposed by the Director relating to those taxes; all penalties levied and collected by the Director; and all appropriate funds, cash or prizes forfeited from interactive fantasy sports.
(b) The Director shall require quarterly deposits by the interactive fantasy sport operator of any payments pursuant to § 4868 of this chapter, at such time, under such conditions, and in such depositories as shall be prescribed by the state comptroller. The deposits shall be deposited to the credit of the general fund. The Director may require a quarterly report and reconciliation statement to be filed with it with respect to gross revenues and deposits received and made, respectively, during the preceding quarter.
§ 4870. Determination of tax liability.
The Director may perform audits of the books and records of an interactive fantasy sports operator with a permit or registration, at such times and intervals as it deems appropriate, for the purpose of determining the sufficiency of tax payments. If a return required with regard to obligations imposed is not filed, or if a return when filed or is determined by the Director to be incorrect or insufficient with or without an audit, the amount of tax due shall be determined by the Director. Notice of such determination shall be given to the interactive fantasy sports operator liable for the payment of the tax. Such determination shall finally and irrevocably fix the tax unless the person against whom it is assessed, within thirty days after receiving notice of such determination, shall apply to the Commission for a hearing in accordance with the regulations of the Director.