A tax of 3% shall be imposed upon the net profits received by a licensed organization within the City of Madison Lake from the conduct of lawful gambling activities. The 3% tax shall be levied on the net receipts less the cost of prizes and allowed expenses actually paid out by the organization. The tax shall be paid to the city on a quarterly basis.
(Ord. 214, passed 9-17-2001) Penalty, see § 10.99