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THE LOUISIANA LOTTERY CORPORATION LAW > PRIZES
Short Summary
The provided legal document content covers various aspects of the Louisiana Lottery Corporation Law. It governs the taxation, verification, and payment of lottery prizes, including the withholding of prizes for individuals with outstanding child support arrearages and delinquent debt assigned to the office of debt recovery. The document also addresses the assignment of deferred annuity lottery prizes and the contracts for major procurements entered into by the corporation. Additionally, it covers the deposit of revenues, expenditures, and investments authorized by the Louisiana Lottery Corporation, as well as the acceptance and expenditure of monies by the corporation. The documents specify the eligibility restrictions, exemptions, and procedures related to these aspects. No specific penalties are mentioned in these documents.
Whom does it apply to?
Louisiana state income tax applies to lottery prizes of five hundred dollars or more; withholding of lottery prizes applies to individuals with outstanding child support arrearages and delinquent debt assigned to the office of debt recovery; assignment of deferred annuity lottery prizes applies to persons other than the original winner under an appropriate judicial order or voluntary assignment approved by the Nineteenth Judicial District Court of East Baton Rouge Parish; contracts for major procurements entered into by the corporation apply to the Louisiana Lottery Corporation; deposit of revenues, expenditures, and investments authorized by the Louisiana Lottery Corporation applies to the corporation; acceptance and expenditure of monies by the corporation applies to the Louisiana Lottery Corporation
What does it govern?
Taxation, verification, and payment of lottery prizes; withholding of prizes for individuals with outstanding child support arrearages and delinquent debt; assignment of deferred annuity lottery prizes; contracts for major procurements entered into by the corporation; deposit of revenues, expenditures, and investments authorized by the Louisiana Lottery Corporation; acceptance and expenditure of monies by the corporation
What are exemptions?
Retailers are exempt from tax payment, except for state or local tax; the corporation is not liable for withholding prizes based on provided arrearage or debt information; the corporation and its officials are not liable for assigned payments; the corporation may adopt special rules and regulations for contracts for major procurements; monies from sports wagering operations are not deposited into the corporate operating account; monies in the state general fund cannot be used to pay the expenses of the corporation or prizes of the lottery
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Louisiana