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Can you summarize GACO 50-27-24?
General Provisions > Prize proceeds subject to state income tax; attachments, garnishments, or executions; validation of winning tickets; prohibited purchases; money-dispensing machines; unclaimed prize money.
Short Summary
This legal document pertains to the Georgia state income tax on lottery prize proceeds, the withholding of attachments, garnishments, or executions served upon the corporation, the validation of winning tickets, prohibited purchases, the use of money-dispensing machines, and unclaimed prize money. The proceeds of any lottery prize are subject to the Georgia state income tax. Attachments, garnishments, or executions authorized by law can be withheld if timely served upon the corporation, except for retailers. The corporation is required to adopt regulations, policies, and procedures to verify the validity of winning tickets and effect payment of prizes. Assignability of prizes is generally prohibited, except in specific circumstances. Prizes cannot be paid for stolen, counterfeit, altered, fraudulent, or unissued tickets, among other conditions. Only one claimant can be awarded a particular prize. Cash prizes must be claimed within specific timeframes, and unclaimed prize money is subject to certain provisions. Violation of this chapter may result in the prize being considered unclaimed. The corporation is discharged of all liability upon payment of a prize. Certain individuals, such as board members, officers, employees, and their relatives, are prohibited from purchasing tickets or receiving prizes. Lottery games utilizing money-dispensing machines are not allowed. Unclaimed prize money may be directed to the Department of Behavioral Health and Developmental Disabilities or used for future prizes or special promotions.
Whom does it apply to?
The Georgia state income tax applies to the proceeds of any lottery prize. Attachments, garnishments, or executions authorized and issued pursuant to law shall be withheld if timely served upon the corporation, except for retailers. The regulations, policies, and procedures for validating winning tickets and effecting payment of prizes apply to all claimants. The restrictions on purchases, use of money-dispensing machines, and unclaimed prize money apply to all participants and winners of the lottery.
What does it govern?
Prize proceeds subject to state income tax; attachments, garnishments, or executions; validation of winning tickets; prohibited purchases; money-dispensing machines; unclaimed prize money.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Georgia