Legislation creating the framework to tax online fantasy sports passes a House committee and is headed to the House floor.
The bill sets an eight percent tax rate on net revenue for the activity and mandates those funds must be spent on early childhood education. New Orleans Representative Jason Hughes applauded it.
“I really appreciate that the money is going to be dedicated to early childhood education, that is one of the greatest investments that we can make in our state,” says Hughes.
47 parishes approved cash prize based online fantasy sports gaming, an activity that is mostly limited to the sites DraftKings and FanDuel.
The fiscal note estimates only about 365,000 dollars of revenue will be generated every year. Bill sponsor Crowley Representative John Stefanski says it’s not much, but every little bit helps.
“It is a small amount of money but I know that early childhood has something that the body has spoken about being a priority going forward,” says Stefanski.
If this tax plan were to be signed into law by Governor Edwards online fantasy sports gaming could be up and running in the state for the coming football season.
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