Sec. 3. Internet Gambling Licensee information reporting
536 words·~2 min read·
/bill/113/hr/3491/ih/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subpart A of part III of subchapter A of chapter 61 (relating to information concerning persons subject to special provisions) is amended by adding at the end the following new section: Every person who is an Internet gambling licensee or who otherwise is engaged in the business of accepting any bet or wager within the meaning of section 5382(1) of title 31, United States Code, during a taxable year shall furnish, at such time and in such manner as the Secretary shall by regulations prescribe, the information described in subsection (b), and such person shall maintain (in the location, in the manner, and to the extent prescribed in regulations) such records as may be appropriate to the information described in subsection (b).
For purposes of subsection (a), the information described is set forth below, which information may be modified as appropriate by the Secretary through regulation— the name, address, and TIN of the Internet gambling licensee or other person engaged in the business of accepting any bet or wager, the name, address, and TIN of each person placing a bet or wager with the Internet gambling licensee or other person engaged in the business of accepting any bet or wager during the calendar year, the gross winnings, gross wagers, and gross losses for the calendar year of each person placing a bet or wager with the Internet gambling licensee or other person engaged in the business of accepting any bet or wager during the year, the net Internet gambling winnings for each such person for the calendar year, the amount of tax withheld with respect to each such person for the calendar year, beginning and end-of-year account balances for each such person for the calendar year, and amounts deposited and withdrawn by each such person during the calendar year.
Every person required to make a return under subsection
(a)shall furnish to each person whose name is required to be set forth in such return by reason of placing a bet or wager a written statement showing— the name, address, and phone number of the information contact of the person required to make such return, and the information required to be shown on such return with respect to each person whose name is required to be set forth in such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection
(a)was required to be made. The term Internet gambling licensee has the meaning given such term by section 4491(d)(1). The term net Internet gambling winnings means gross winnings from wagers placed over the Internet with a person required to be licensed under section 5382 of chapter 53 of title 31, United States Code, less the amounts wagered. The terms Internet and wager shall have the respective meanings given such terms by section 5362 of chapter 53 of title 31, United States Code. . The table of sections for subpart B of part III of subchapter A of chapter 61 is amended by inserting after the item relating to section 6050W the following new item: Sec. 6050X. Returns relating to Internet gambling. .