Louisiana passes fantasy sports tax bill
Louisiana has finally passed a fantasy sports tax bill, more than 18 months after 47 of the state’s parishes approved the game, as governor John Bel Edwards signed Representative John Stefanski’s bill, introduced in a special session of the state’s legislature.
HB64 sets an 8% tax on revenue on paid fantasy sports, to be paid monthly. The funds shall go towards the Louisiana Early Childhood Education Fund. The Legislative Fiscal Office’s fiscal note for the bill estimates the bill will bring in around $375,000 in tax.
The bill passed the House by an 82-11 vote on 17 June before receiving unanimous approval in the Senate, sending it to Edwards’ desk, where it became law on Tuesday (13 July).
The bill’s passage follows HB357 – creating regulations for paid fantasy sports games – receiving Edwards’ signature on 9 June.