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Text: HF00430                           Text: HF00432
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 431

Partial Bill History

Bill Text

  1  1    Section 1.  Section 99E.10, subsection 1, unnumbered
  1  2 paragraph 1, Code 1997, is amended to read as follows:
  1  3    Upon receipt of any revenue, the commissioner shall deposit
  1  4 the moneys in the lottery fund created pursuant to section
  1  5 99E.20.  As nearly as is practicable, at least fifty percent
  1  6 of the projected annual revenue, after deduction of the amount
  1  7 of the sales tax, accruing from the sale of tickets or shares
  1  8 is appropriated for payment of prizes to the holders of
  1  9 winning tickets.  After the payment of prizes, all of the
  1 10 following shall be deducted from lottery revenue prior to
  1 11 disbursement:
  1 12    Sec. 2.  Section 99E.10, subsection 1, paragraph b, Code
  1 13 1997, is amended by striking the paragraph.
  1 14    Sec. 3.  Section 422.43, subsection 2, Code 1997, is
  1 15 amended to read as follows:
  1 16    2.  There is imposed a tax of five percent upon the gross
  1 17 receipts derived from the operation of all forms of amusement
  1 18 devices and games of skill, games of chance, raffles, and
  1 19 bingo games as defined in chapter 99B, operated or conducted
  1 20 within the state, the tax to be collected from the operator in
  1 21 the same manner as for the collection of taxes upon the gross
  1 22 receipts of tickets or admission as provided in this section.
  1 23 The tax shall also be imposed upon the gross receipts derived
  1 24 from the sale of lottery tickets or shares pursuant to chapter
  1 25 99E.  The tax on the lottery tickets or shares shall be
  1 26 included in the sales price and distributed to the general
  1 27 fund as provided in section 99E.10.  
  1 28                           EXPLANATION
  1 29    This bill repeals the 5 percent sales tax on the sales of
  1 30 lottery tickets and shares.  The net receipts after the
  1 31 deduction for prizes is made and the sales tax collections on
  1 32 the lottery sales are accounted for separately but both are
  1 33 credited to the state general fund.  The bill will eliminate
  1 34 accounting for the sales tax separately by including it as a
  1 35 part of the net receipts.  
  2  1 LSB 2325HH 77
  2  2 tj/jj/8.1

Text: HF00430                           Text: HF00432
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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