Title 58.1. Taxation
Chapter 42. Fantasy Contests
§ 58.1-4208. Taxation on fantasy contest revenue; allocation of tax revenue; additional fee.
A. There shall be imposed a tax of 10 percent on an operator's fantasy contest revenue.
B. The tax imposed pursuant to this section is due monthly to the Department, and the fantasy contest operator shall remit it on or before the twentieth day of the next succeeding calendar month. If the operator's accounting necessitates corrections to a previously remitted tax, the operator shall document such corrections when it remits the following month's taxes.
C. The Department shall allocate the tax revenue as follows:
1. Two and one-half percent to the Problem Gambling Treatment and Support Fund established pursuant to § 37.2-314.2; and
2. Ninety-seven and one-half percent to the general fund.
D. There shall be imposed an additional fee of 2.6 percent on an operator's fantasy contest revenue. Such fee is due monthly to the Department, and the fantasy contest operator shall remit it on or before the twentieth day of the next succeeding calendar month. The revenue from the fee imposed pursuant to this subsection shall be utilized by the Department to cover the costs of the administration and regulation of this chapter. Any revenue remaining after the Department has covered such costs shall be remitted to the general fund.
