If you're a corporation or association authorized to conduct pari-mutuel betting in New York State you must report and pay the pari-mutuel taxes required by the racing, pari-mutuel wagering, and breeding law.
These taxes include
- a portion of commissions withheld from wagering pools paid by a racing association or corporation conducting pari-mutuel betting in the state,
- a racing admissions tax,
- a non-profit racing association franchise fee,
- a remittance of the breakage (the difference between a wager pool for a given bet and the total payout after rounding the payoff to bettors),
- a remittance of uncashed tickets and other unclaimed funds.
When to file and pay