Text: HSB00550                          Text: HSB00552
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 551

Bill Text

PAG LIN
  1  1    Section 1.  Section 99E.10, subsection 1, unnumbered
  1  2 paragraph 1, Code Supplement 1999, is amended to read as
  1  3 follows:
  1  4    Upon receipt of any revenue, the commissioner shall deposit
  1  5 the moneys in the lottery fund created pursuant to section
  1  6 99E.20.  As nearly as is practicable, at least fifty percent
  1  7 of the projected annual revenue, after deduction of the amount
  1  8 of the sales tax, accruing from the sale of tickets or shares
  1  9 is appropriated for payment of prizes to the holders of
  1 10 winning tickets.  After the payment of prizes, all of the
  1 11 following shall be deducted from lottery revenue prior to
  1 12 disbursement:
  1 13    Sec. 2.  Section 99E.10, subsection 1, paragraph b, Code
  1 14 Supplement 1999, is amended by striking the paragraph.
  1 15    Sec. 3.  Section 422.43, subsection 2, Code Supplement
  1 16 1999, is amended to read as follows:
  1 17    2.  There is imposed a tax of five percent upon the gross
  1 18 receipts derived from the operation of all forms of amusement
  1 19 devices and games of skill, games of chance, raffles, and
  1 20 bingo games as defined in chapter 99B, operated or conducted
  1 21 within the state, the tax to be collected from the operator in
  1 22 the same manner as for the collection of taxes upon the gross
  1 23 receipts of tickets or admission as provided in this section.
  1 24 The tax shall also be imposed upon the gross receipts derived
  1 25 from the sale of lottery tickets or shares pursuant to chapter
  1 26 99E.  The tax on the lottery tickets or shares shall be
  1 27 included in the sales price and distributed to the general
  1 28 fund as provided in section 99E.10.
  1 29    Sec. 4.  Section 422.45, Code Supplement 1999, is amended
  1 30 by adding the following new subsection:
  1 31    NEW SUBSECTION.  57.  The gross receipts derived from the
  1 32 sale of lottery tickets or shares pursuant to chapter 99E.  
  1 33                           EXPLANATION
  1 34    This bill eliminates the state sales tax on lottery tickets
  1 35 or shares.  
  2  1 LSB 5662HC 78
  2  2 mg/cls/14
     

Text: HSB00550                          Text: HSB00552
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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