HB 2694
Relating to the amount deposited into the State Lottery Fund for costs and expenses of administering the article
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies the way funds are deposited into the State Lottery Fund for administrative expenses. Specifically, it adjusts the percentage of gross terminal income the Lottery Commission receives for these costs. The percentage will vary based on the previous year’s gross terminal income, ranging from 2% to 1% depending on the income level, with a tiered system based on income thresholds. Additionally, the bill outlines how a portion of the funds will be directed to the Compulsive Gambling Treatment Fund and a state office building construction fund under certain circumstances.
Key provisions
- The Lottery Commission’s deposit percentage into the State Lottery Fund for administrative costs will vary based on the previous year’s gross terminal income.
- The percentage ranges from 2% to 1% depending on gross terminal income levels ($0 - $300,000,000, $300,000,000 - $400,000,000, and over $400,000,000).
- A portion of the funds (at least $150,000 and no more than $1 million annually) will be transferred to the Compulsive Gambling Treatment Fund.
- Surplus funds exceeding $250,000 will be directed to the State Treasurer for deposit into a designated fund.
- During specific fiscal years (2006-2011), unspent funds will be allocated to the Revenue Center Construction Fund.
- County and municipal governments will receive a portion of the net terminal income generated by video lottery terminals, proportional to their population within the county.
- Licensed operators and retailers will receive the remaining funds after the state and local allocations are made.
- The commission will calculate aggregate average daily gross terminal income to determine the commission’s share of gross profits.
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