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 Post subject: Internet Gambling Regulation and Tax Enforcement Act of 2007
PostPosted: Tue Dec 04, 2007 2:48 pm 
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http://thomas.loc.gov/cgi-bin/query/D?c ... 110Yva3QF::

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Internet Gambling Regulation and Tax Enforcement Act of 2007 (Introduced in House)

HR 2607 IH


110th CONGRESS

1st Session

H. R. 2607
To amend the Internal Revenue Code of 1986 to regulate internet gambling .


IN THE HOUSE OF REPRESENTATIVES

June 7, 2007
Mr. MCDERMOTT introduced the following bill; which was referred to the Committee on Ways and Means


--------------------------------------------------------------------------------


A BILL
To amend the Internal Revenue Code of 1986 to regulate internet gambling .


Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Internet Gambling Regulation and Tax Enforcement Act of 2007'.

SEC. 2. FEDERAL LICENSING REQUIREMENT FOR INTERNET GAMBLING OPERATORS.

(a) In General- Chapter 36 of the Internal Revenue Code of 1986 (relating to certain other excise taxes) is amended by adding at the end the following new subchapter:

`Subchapter E--Internet Gambling Operators

`Sec. 4491. Definitions.

`SEC. 4491. DEFINITIONS.

`For purposes of this subchapter, the following definitions shall apply:

`(1) DIRECTOR- The term `director' means the Director of the Financial Crimes Enforcement Network.

`(2) BET OR WAGER- The term `bet or wager' shall have the same meaning as in section 5362(1) of chapter 53 of title 31, United States Code.

`(3) LICENSEE- The term `licensee' shall mean an Internet gambling operator licensed by the Director in accordance with this subchapter.

`(4) INTERNET- The term `Internet' means the international computer network of interoperable packet switched data networks.

`(5) LICENSE FEES-

`(A) LICENSE FEE-

`(i) IN GENERAL- Each licensee shall be required to pay to the Director during each 30-day period of operation a license fee of 2 percent of all funds deposited with or on behalf of the licensee by any person for the purpose of placing a bet during the preceding 30-day period.

`(ii) DISPOSITION- Amounts collected by the Director as license fees shall be deposited in the general fund of the Treasury and treated as revenue.

`(B) DIRECT AND EXCLUSIVE OBLIGATION OF LICENSEE- The license fee shall be the direct and exclusive obligation of the licensee and may not be deducted from the amounts available as deposits to the person placing a bet.

`(6) APPROVAL OF LICENSE- The Director shall grant licenses under this subchapter if, in the Director's sole discretion, the applicant meets the criteria set by the Director and is generally fit to engage in the business of Internet gambling .

`(7) SAFEGUARDS REQUIRED OF LICENSEE- No person shall receive a license under this section unless the person implements the following requirements with respect to any Internet bet or wager--

`(A) appropriate mechanisms to ensure that all taxes relating to Internet gambling due to Federal and State governments from individuals engaged in Internet gambling are collected at the time of any payment of any proceeds of Internet gambling ;

`(B) appropriate mechanisms to ensure that all taxes relating to Internet gambling due to Federal and State governments from any persons licensed under this Act are collected as required by law; and

`(C) appropriate mechanisms to ensure that the license fee is paid to the Director under subsection (e).'.

(b) Clerical Amendment- The table of subchapters for chapter 36 of such Code is amended by adding at the end the following new subchapter:

`Subchapter E. Internet gambling operators.'.

(c) Effective Date- The amendments made by this section shall take effect on January 1, 2008.


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 Post subject: Isn't it ironic
PostPosted: Tue Dec 04, 2007 3:22 pm 
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Posts: 694
that, although it SOUNDS as if they are trying to pass a law ALLOWING licensing within the USA for internet gambling, that the licensing FEES and Federal/State taxes collected PRIOR to giving a payout, will ALL be paid to the "Director of the Financial Crimes Enforcement Network"

Or have I read the whole stupid thing incorrectly?


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 Post subject:
PostPosted: Tue Dec 04, 2007 5:37 pm 
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Yep I didn't see much impressive in the "regulations" dept either.


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