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2012 -- H 7943 | |
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LC02205 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO TAXATION - PERSONAL INCOME TAX | |
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Introduced By: Representatives Watson, and Ehrhardt | |
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Date Introduced: March 14, 2012 | |
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Referred To: House Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Section 44-30-71.2 of the General Laws in Chapter 44-30 entitled "Personal |
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Income Tax" is hereby amended to read as follows: |
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44-30-71.2. Withholding of tax from lottery and pari-mutuel betting winnings. -- (a) |
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The director of lotteries shall deduct and withhold from the prize money of any person winning a |
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prize from the state lottery a tax computed in such a manner as to result, so far as practicable, in |
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an amount substantially equivalent to the tax reasonably estimated to be due resulting from the |
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inclusion in the individual's Rhode Island income of his or her prize money received during the |
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calendar year. The method of determining the amount to be withheld shall be prescribed by |
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regulations of the tax administrator, which regulations and amounts shall be based upon the |
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federal rules, regulations and procedures. |
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(b) Every licensee conducting or operating events upon which pari-mutuel betting is |
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allowed shall deduct and withhold from the winnings of any person a tax computed in such |
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manner as to result, so far as practicable, in an amount substantially equivalent to the tax |
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reasonably estimated to be due resulting from the inclusion in the individual's Rhode Island |
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income of his or her winnings received during the calendar year. The method of determining the |
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amount to be withheld shall be prescribed by regulations of the tax administrator, which |
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regulations and the amounts shall be based upon the federal rules, regulations and procedures. |
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(c) All sums withheld and remitted to the division of taxation pursuant to this section |
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shall be placed by the tax administrator in a restricted receipt account and distributed on the 30th |
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day of September in each year to the cities and towns for educational purposes in an equal |
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amount for each city and town. |
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SECTION 2. This act shall take effect upon passage. |
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LC02205 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO TAXATION - PERSONAL INCOME TAX | |
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This act would provide that sums withheld from lottery and pari-mutuel winnings for |
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state income tax would be placed by the tax administrator in a restricted receipt account and |
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distributed on the 30th day of September in each year to the cities and towns for educational |
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purposes in an equal amount for each city and town. |
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This act would take effect upon passage. |
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LC02205 | |
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