Amends franchise and amusement taxes

A tax is imposed on proprietors, lessees, or operators of theaters, cinematographs, concert halls, circuses, boxing exhibitions, and other amusement places.
Taxes vary depending on the admission price, ranging from four centavos to eighteen centavos for admissions up to ninety-nine centavos.
For admission fees exceeding ninety-nine centavos, a thirty percent tax is applied.
Theaters and cinematographs must withhold and pay the tax before dividing gross receipts with film distributors.
Cockpits, cabarets, and night-clubs are taxed at ten percent of gross receipts.
Race-tracks are taxed twenty percent of gross receipts, regardless of admission charges, in addition to the privilege tax under Section 193.
"Gross receipts" include all receipts of the owner, lessee, or operator of the amusement venue.
Taxes are payable monthly; returns and tax payments must be filed within ten days after the month's end.
A 25% penalty applies if the tax is not paid on time.
Willful failure to file returns or filing false/fraudulent returns incurs a 50% surcharge on the tax or deficiency tax.
The surcharge is collected with the tax unless the tax was already paid before discovering the fraud.