Summary: H.R.5648 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.5648. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/22/1992)

Amends the Internal Revenue Code to exempt from the occupational excise tax on wagering any tax-exempt charitable organization and any person engaged in receiving wagers only on behalf of such organization, if the only wagers accepted by the organization (and the person) are authorized under the law of the State in which accepted.

Provides for taxing a percentage of wagering winnings in excess of charitable expenditures.