Text: HF00430 Text: HF00432 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 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 amount1 7of 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 23The tax shall also be imposed upon the gross receipts derived1 24from the sale of lottery tickets or shares pursuant to chapter1 2599E. The tax on the lottery tickets or shares shall be1 26included in the sales price and distributed to the general1 27fund 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
© 1997 Cornell College and League of Women Voters of Iowa
Comments about this site or page? webmaster@legis.iowa.gov. Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Mar 26 03:41:23 CST 1997
URL: /DOCS/GA/77GA/Legislation/HF/00400/HF00431/970305.html
jhf