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S.227

Introduced by   Senator Doyle of Washington District

Referred to Committee on

Date:

Subject:  Taxation; income tax; lottery proceeds

Statement of purpose:  This bill proposes to apply the income tax only to proceeds of lottery tickets purchased on or after January 1, 2005.

AN ACT RELATING TO INCOME TAXATION OF CERTAIN LOTTERY PROCEEDS

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  Sec. 13 of No. 152 of the Acts of the 2003 Adj. Sess.(2004) is amended to read:

Sec. 13.  REPEAL

31 V.S.A. § 664 and § 674(s) (lottery prize income tax exemption) are repealed for taxable years beginning income related to tickets purchased on or after January 1, 2005.

Sec. 2.  Subsection 23(4) of No. 152 of the Acts of the 2003 Adj. Sess. (2004) is amended to read:

(4)  Sec. 14 (taxation of lottery proceeds) shall apply to taxable years beginning income related to tickets purchased on or after January 1, 2005.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us