The Illinois House is currently debating Senate Bill 316; including Amendment 2, which would effectively roll back the tax as previously indicated, but will include a hold harmless provision, wherein the licensee will hold the state harmless for a two year period, and the boats will in effect pay the same tax as last year, primarily by generating more revenue to be taxed.
I tried to read your posts as well as the proposed bill. The way I understand it, if the bill fails, the gross receipt tax fails entirely as of June 1 or July 1, and the tax reverts to a tax on heads entering the riverboats.
I assume this is excellent for PENN, which was never in the 70% bracket to begin with and so will be only to happy to insure that the State receives at least as much tax going forward as it has been receiving? This is not the easiest thing to read in a couple of minutes.