(a) Every holder of a franchise to conduct dog racing or horse racing in this state making any single payment of racing winnings on a single wagering transaction of more than one thousand dollars ($1,000), if the amount of the racing winnings is at least three hundred (300) times as large as the amount wagered, shall deduct and withhold an amount equal to seven percent (7%) from the racing winnings. (b) The amount deducted and withheld from any person receiving racing winnings during the income year shall be credited against the tax liability of that person under the Income Tax Act of 1929, § 26-51-101 et seq. Acts 1987, No. 899, § 2; 2007, No. 732, § 2; 2009, No. 655, § 8. (a) Every holder of a franchise to conduct dog racing or horse racing in this state making any single payment of racing winnings on a single wagering transaction of more than one thousand dollars ($1,000), if the amount of the racing winnings is at least three hundred (300) times as large as the amount wagered, shall deduct and withhold an amount equal to seven percent (7%) from the racing winnings. (b) The amount deducted and withheld from any person receiving racing winnings during the income year shall be credited against the tax liability of that person under the Income Tax Act of 1929, § 26-51-101 et seq. Acts 1987, No. 899, § 2; 2007, No. 732, § 2; 2009, No. 655, § 8. (a) Every holder of a franchise to conduct dog racing or horse racing in this state making any single payment of racing winnings on a single wagering transaction of more than one thousand dollars ($1,000), if the amount of the racing winnings is at least three hundred (300) times as large as the amount wagered, shall deduct and withhold an amount equal to seven percent (7%) from the racing winnings. (b) The amount deducted and withheld from any person receiving racing winnings during the income year shall be credited against the tax liability of that person under the Income Tax Act of 1929, § 26-51-101 et seq. Acts 1987, No. 899, § 2; 2007, No. 732, § 2; 2009, No. 655, § 8. (a) Every holder of a franchise to conduct dog racing or horse racing in this state making any single payment of racing winnings on a single wagering transaction of more than one thousand dollars ($1,000), if the amount of the racing winnings is at least three hundred (300) times as large as the amount wagered, shall deduct and withhold an amount equal to seven percent (7%) from the racing winnings. (b) The amount deducted and withheld from any person receiving racing winnings during the income year shall be credited against the tax liability of that person under the Income Tax Act of 1929, § 26-51-101 et seq. Acts 1987, No. 899, § 2; 2007, No. 732, § 2; 2009, No. 655, § 8.
‹ Prev All Arkansas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.