§6419 Excise Tax on Wagering

Summary

You cannot get a credit or refund for an overpaid wagering tax under chapter 35 unless you prove, following rules the Secretary sets, one of three things: you did not collect the tax from the person who placed the wager; you repaid that person the tax amount; or you filed that person’s written consent for the credit or refund. If the wager was laid off to someone else, you must meet those proof rules both for the person you laid it off to and for the original bettor. If you lay off part or all of a wager to another person who is also liable for the tax on that laid-off amount, you may get a credit or refund equal to the tax you paid times (laid-off amount divided by the original wager). The credit or refund must follow the Secretary’s rules, and no interest will be paid on it.