Download this document in MS Word format
BILL AS INTRODUCED 2007-2008

AutoFill Template

S.299

Introduced by   Senator Doyle of Washington District

Referred to Committee on

Date:

Subject:  Taxation; income tax; lottery winnings

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31 V.S.A. § 664 and § 674(s) (lottery prize income tax exemption) are repealed for taxable years beginning on or after January 1, 2005, and lottery proceeds from tickets purchased prior to January 1, 2005, shall remain exempt as under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 and shall be paid to the extent possible out of unclaimed lottery prizes from the state lottery fund established under section 658 of Title 31, and if these funds are insufficient, the refunds shall be paid prorata.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us