Revision: March 27, 2010, midnight
SB 511-FN-A – AS AMENDED BY THE SENATE
03/24/10 1127s
2010 SESSION
09/10
SENATE BILL 511-FN-A
AN ACT relative to an exemption from the tax on gambling winnings.
SPONSORS: Sen. Barnes, Jr., Dist 17; Sen. Odell, Dist 8; Sen. D'Allesandro, Dist 20; Sen. Bradley, Dist 3
This bill establishes an exemption from the tax on gambling winnings for gambling winnings won prior to January 1, 1999 and distributed in annuity payments.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/24/10 1127s
10-2944
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Ten
AN ACT relative to an exemption from the tax on gambling winnings.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Gambling Winnings; Non-Taxable Income. Amend RSA 77:41 to read as follows:
77:41 Non-Taxable Income.
I. No tax shall be levied directly or indirectly under this subdivision upon any income otherwise taxable hereunder, which is received and used by any educational, religious, charitable, or temperance organization incorporated or organized in this state, for the purposes for which it is established.
II. No tax shall be levied directly or indirectly under this subdivision upon gambling winnings otherwise taxable hereunder, won prior to January 1, 1999 and distributed in annuity payments.
2 Effective Date. This act shall take effect upon its passage.
LBAO
10-2944
Revised 03/01/10
SB 511-FN-A - FISCAL NOTE
AN ACT relative to an exemption from the tax on gambling winnings.
FISCAL IMPACT:
The Lottery Commission states this bill will decrease state general fund revenue by $750,000 in FY 2011 and each fiscal year thereafter. This bill will have no fiscal impact on state, county and local expenditures or county and local revenue.
METHODOLOGY:
The Lottery Commission states this bill establishes an exemption from the tax on gambling winnings for gambling winnings won prior to July 1, 2010 and distributed in annuity payments. The Commission determined that estimated annuity winnings prior to July 1, 2010 that are now paid on an annual basis totals $7.5 million. The gambling tax at 10% would, therefore, result in a decrease to general fund revenue of $750,000 ($7.5 million x 10%) per fiscal year beginning in FY 2011.
The Department of Revenue Administration states that the Lottery Commission would have the data concerning the amount of gambling winnings taken as annuity payments versus in a lump sum. The Department states the provisions of this bill can be administered within the Department’s existing budget.