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H.R. 5648 (102nd): To amend the Internal Revenue Code of 1986 to revise the application of the wagering taxes to charitable organizations.


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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 22, 1992.


Amends the Internal Revenue Code to exempt from the occupational excise tax on wagering any tax-exempt charitable organization and any person engaged in receiving wagers only on behalf of such organization, if the only wagers accepted by the organization (and the person) are authorized under the law of the State in which accepted. Provides for taxing a percentage of wagering winnings in excess of charitable expenditures.