AMENDMENT FOR HOUSE TAXATION COMMITTEE ENGROSSED BILL
1157ja
___________________ moved that HB 1157 be amended as follows:
On page
3,
after line 8 of the House Taxation Committee engrossed bill, insert:
"
Section 6. That
§
42-7B-48
be amended to read as follows:
42-7B-48.
There is established within the state treasury the South Dakota Gaming Commission
fund, into which shall be deposited the proceeds from the gaming tax, license stamp fees, license fees,
application fees, the net proceeds generated by the operation of the five-cent slot machines and the
initial fund is continuously appropriated for the purposes specified in this section. All funds received
by the commission shall be set forth in an informational budget as described in
§
4-7-7.2 and be
annually reviewed by the Legislature. Any disbursement from the Gaming Commission fund shall be
by authorization of the executive secretary for any of the following purposes:
(1)
Forty
Fifty
percent of the gaming tax collected shall be transferred to the tourism
promotion fund created in
§
1-42-31, and ten percent of the gaming tax collected shall be
paid to Lawrence County;
(2)
The expenses of the commission for administration and operation including litigation and
enforcement of this chapter and chapter 42-7;
(3)
Repayment of funds and interest advanced for the start up of the commission; and
(4)
All funds remaining after the payments provided in subdivisions (1), (2), and (3), less
one
five
hundred thousand dollars which shall be transferred to the historical preservation loan
and grant fund created in
§
1-19A-13.1 constitute the net municipal proceeds and shall be
disbursed at least quarterly to the City of Deadwood for deposit in the historic restoration
and preservation fund.
".