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La. R.S. § 4:164 Facility Maintenance and Improvement Fund
Library | Louisiana Statutes |
Edition | 2023 |
Currency | Current with changes from the 2023 Legislative Session |
Year | 2023 |
Citation | La. R.S. § 4:164 |
A. Each association shall establish and maintain a facility maintenance and improvement fund for the sole purpose of complying with the commission's rules regarding minimum standards and required infrastructure investments. This fund shall be subject to audit by the commission and the legislative auditor.
B. For purposes of this Section, the following terms shall have the following meanings:
(1) "Gross profits" means the amount of taxable net slot machine proceeds less the amount of state taxes paid.
(2) "State tax" means the license tax on taxable net slot machine proceeds as provided in R.S. 27:393.
(3) "Taxable net slot machine proceeds" shall have the same meaning as that term is defined in R.S. 27:353.
C.
(1) [After July 1, 2023] If an association is found not to be in compliance with the minimum standards and infrastructure investments by the date set by the commission for compliance, ten percent of gross profits shall be deposited into the fund, up to a maximum of three million dollars, until such time that all commission-required facility maintenance and improvements have been completed as determined by the commission. Such deposits shall be made at the same time as the state tax is paid.
(2) Once the initial facility maintenance and improvements are completed to the satisfaction of the commission, each association shall continue to maintain a minimum fund balance of three million dollars.
D.
(1) For the purposes of the initial maintenance and improvements, the following deadlines shall apply:
(a) The commission shall promulgate rules establishing minimum standards of facilities and infrastructure investments no later than October 1, 2022.
(b) Each association shall submit a plan for compliance to the commission no later than December 1, 2022.
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