A bill for an act relating to event-driven contracts traded on dedicated contract markets by requiring a permit to conduct business in the state, imposing a tax on adjusted revenues or amounts traded, making adjustments to individual and corporate income taxes, providing for fees, and including contingent effective date, applicability, and retroactive applicability provisions.

Summary

The bill forces any digital marketplace that trades binary contracts tied to sports, elections, lotteries or economic indicators to obtain a state permit, pay a $20 million initial fee and $100 k yearly renewal. It also levies a 20% tax on the market’s adjusted revenues and rewrites individual and corporate tax rules for gains and losses from these contracts. The measures aim to capture revenue from a growing niche of financial products and ensure traders pay state income tax on their winnings.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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