No tax shall be imposed by this subchapter—
(1) Parimutuels On any wager placed with, or on any wager placed in a wagering pool conducted by, a parimutuel wagering enterprise licensed under State law,
(2) Coin-operated devices On any wager placed in a coin-operated device (as defined in section 4462 as in effect for years beginning before July 1, 1980), or on any amount paid, in lieu of inserting a coin, token, or similar object, to operate a device described in section 4462(a)(2) (as so in effect), or
Amended 1958, 1965, 1978
- 1978 Pub. L. 95-600 Pub. L. 95–600 substituted “(as defined in section 4462 as in effect for years beginning before July 1, 1980)” for “with respect to which an occupational tax is imposed by section 4461” and “(as so in effect), or” for “if an occupational tax is imposed with respect to such device by section 4461, or”.
- 1965 Pub. L. 89-44 Pub. L. 89–44, § 405(a), substituted “section 4462(a)(2),” for “section 4462(a)(2)(B),”.
- 1958 Pub. L. 85-859 Pub. L. 85–859 inserted provisions exempting from the tax amounts paid to operate a device described in section 4462(a)(2)(B), if an occupational tax is imposed with respect to such device by section 4461 of this title.
(3) State-conducted lotteries, etc. On any wager placed in a sweepstakes, wagering pool, or lottery which is conducted by an agency of a State acting under authority of State law, but only if such wager is placed with the State agency conducting such sweepstakes, wagering pool, or lottery, or with its authorized employees or agents.
Amended 1965, 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, among other changes, substituted in heading “State-conducted lotteries, etc.” for “State-conducted sweepstakes.”, and struck out provision that no tax be imposed on any wager placed in a sweepstakes, wagering pool, or lottery in which the ultimate winners are determined by the results of a horse race.
- 1965 Pub. L. 89-44 Pub. L. 89–44, § 813(a), added par. (3).