|BILL AS INTRODUCED||2007-2008|
Introduced by Senator Doyle of Washington County, Senator Cummings of Washington District and Senator Scott of Washington District
Subject: Taxation; income tax; lottery proceeds
Statement of purpose: This bill proposes to apply the income tax only to lottery proceeds related to tickets purchased after 2004.
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31 V.S.A. § 664 and § 674(s) (lottery prize income tax exemption) are repealed for taxable years beginning on or after January 1, 2005, and lottery proceeds from tickets purchased prior to January 1, 2005, shall remain exempt as under prior law.
Sec. 2. Subdivision 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 on or after January 1, 2005, but shall not apply to proceeds related to any ticket purchased before January 1, 2005.
Sec. 3. REFUND PROVISIONS
Income tax refunds issued as a result of this act shall be paid with interest at the rate or rates established under section 3108 of Title 32.
The Vermont General Assembly
115 State Street