Bill Text: NJ S1894 | 2010-2011 | Regular Session | Introduced
Bill Title: Repeals application of gross income tax to certain New Jersey Lottery prize winnings.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-05-13 - Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee [S1894 Detail]
Download: New_Jersey-2010-S1894-Introduced.html
Sponsored by:
Senator JEFF VAN DREW
District 1 (Cape May, Atlantic and Cumberland)
SYNOPSIS
Repeals application of gross income tax to certain New Jersey Lottery prize winnings.
CURRENT VERSION OF TEXT
As introduced.
An Act repealing application of gross income tax to certain New Jersey Lottery prize winnings, amending Title 54A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. N.J.S.54A:6-11 is amended to read as follows:
N.J.S.54A:6-11. Gross income shall not include lottery winnings from the New Jersey Lottery[, except that New Jersey Lottery winnings from a prize in an amount exceeding $10,000 shall be included in gross income].
(c.f.: P.L.2009, c.69. s.3)
2. This act shall take effect immediately and apply to lottery prize winnings awarded on or after July 1, 2010.
STATEMENT
This bill repeals, effective July 1, 2010, the application of the New Jersey gross income tax to New Jersey State Lottery prize winnings exceeding $10,000.
P.L.2009, c.69, adopted on June 29, 2009, made various modifications to the New Jersey gross income tax, including providing for the taxation of lottery prize winnings in excess of $10,000 beginning on or after January 1, 2009. This bill will reverse the tax law change with respect to lottery prize winnings awarded on or after July 1, 2010. The bill does not impact the application of the gross income tax to lottery prize winnings exceeding $10,000 paid beginning on or after January 1, 2009 but before July 1, 2010.
