RIVERBOATS-ADMISSN TAX EXEMPT

Amends the Riverboat Gambling Act. Provides that, if the licensed owner of a riverboat in operation on January 1, 2009 has a capital project of at least $75,000,000 that is approved by the Illinois Gaming Board in calendar years 2006 through 2009, then no admissions tax is imposed on admissions to that riverboat. Provides that, if no admissions tax is imposed on admissions to a riverboat, then in addition to the current privilege tax, a privilege tax of 1% of adjusted gross receipts is imposed on that riverboat, the proceeds of which shall be paid monthly to the unit of local government that is designated as the home dock of the riverboat upon which those riverboat gambling operations are conducted. Effective immediately.