Each licensee holding a pari-mutuel bicycle-racing license shall withhold fifteen percent from the pari-mutuel bicycle-racing wagers made and pay daily:
A. thirteen percent of the gross receipts of all pari-mutuel bicycle-racing wagers at a meet to the state treasurer, which shall be deposited in the general fund; and
B. two percent of the gross receipts of all pari-mutuel bicycle-racing wagers made at a meet to the county treasurer of the county in which the meet is held.
These amounts shall constitute the "bicycle-racing pari-mutuel tax".
History: Laws 1991, ch. 233, ยง 16.
Structure New Mexico Statutes
Chapter 60 - Business Licenses
Section 60-2D-1 - Short title.
Section 60-2D-2 - Definitions.
Section 60-2D-3 - Commission created; appointments; qualifications.
Section 60-2D-4 - Organization and officers; per diem.
Section 60-2D-5 - Powers and duties.
Section 60-2D-7 - Rules and regulations.
Section 60-2D-8 - Enforcement; investigation; subpoena.
Section 60-2D-9 - Licenses; limitations; fees.
Section 60-2D-10 - Applications for pari-mutuel bicycle-racing licenses.
Section 60-2D-11 - Renewal licenses.
Section 60-2D-12 - Liability insurance; bond; pari-mutuel bicycle-racing licensee.
Section 60-2D-13 - License; refusal to issue.
Section 60-2D-14 - Revocation and suspension.
Section 60-2D-15 - Pari-mutuel wagering; breakage; uncashed tickets.
Section 60-2D-16 - Pari-mutuel wagering; taxes.