Relating to tax on the privilege of holding a license to operate West Virginia Lottery table games

HB 3458 would modify West Virginia's tax on racetrack table games by exempting the first $7,142,857.14 of annual revenue from a 35% tax. It directly affects racetracks operating lottery table games, replacing all other state and local taxes on these operations (except property tax) with this single tax. The bill requires weekly tax payments on revenue exceeding the exemption threshold, calculated using the accrual method, and allows negative weekly revenue to be carried forward. This changes the tax structure to reduce burdens on lower-revenue operations while maintaining a 35% rate on higher earnings.