(1) Except as otherwise provided in Section 75-76-187, there is hereby imposed and levied on each licensee who conducts a gaming operation a fee based on the value of any collectible credit instrument received as a result of that gaming operation which is held by the licensee or any affiliate of the licensee and remains unpaid on the last tax day.
(2) The fee must be: Calculated by using the rates and monetary limits set forth in Section 75-76-177; and
(3) Collected by the State Tax Commission and refunded pursuant to the regulations adopted by the State Tax Commission.