Bill Text: MS SB2729 | 2018 | Regular Session | Introduced
Bill Title: Lottery Contingency Act of 2018; create.
Sponsorship: Partisan Bill (Republican 1)
Status: (Failed) 2018-01-30 - Died In Committee [SB2729 Detail]
Download: Mississippi-2018-SB2729-Introduced.html
MISSISSIPPI LEGISLATURE
2018 Regular Session
To: Finance
By: Senator(s) McDaniel
Senate Bill 2729
AN ACT TO CREATE THE "LOTTERY CONTINGENCY ACT OF 2018"; TO PROVIDE THAT IN THE EVENT THAT A STATE LOTTERY IN ENACTED, ANY REVENUE COLLECTED BY THE STATE FROM SUCH A LOTTERY AFTER THE ADMINISTRATIVE EXPENSES OF THE LOTTERY HAVE BEEN PAID AND ANY PRIZE MONEY AWARDED, SHALL BE DISTRIBUTED TO THE VARIOUS LOCAL TAXING DISTRICTS OF THE STATE AND UTILIZED BY THE LOCAL TAXING DISTRICTS TO REDUCE AD VALOREM TAXATION; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. This act shall be known and may be cited as the "Lottery Contingency Act of 2018."
SECTION 2. (1) As used in this section, "local taxing district" means any county, municipality, school district or other local entity that levies an ad valorem tax or for which an ad valorem tax is levied, to fund all or a portion of its budget.
(2) In the event that a state lottery is enacted in this state, any revenue collected by the state from such a lottery after the administrative expenses of the lottery have been paid and any prize money awarded, shall be distributed to the various local taxing districts of the state and utilized by the local taxing districts to reduce ad valorem taxation.
(3) Any such lottery proceeds shall be distributed to each local taxing district based on the proportion that the assessed valued of each local taxing district bears to the assessed value of all local taxing districts in the state. The millage rate imposed by local taxing districts shall be reduced to reflect a reduction in the dollar amount of revenue collected by such district through ad valorem taxation in an amount equal to any lottery proceeds distributed to such district.
SECTION 3. This act shall take effect and be in force from and after its passage.
