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Can you summarize IDST 67-7439?
IDAHO STATE LOTTERY > TAXES.
Short Summary
This legal document pertains to the Idaho State Lottery. It states that income taxes will only be imposed on lottery prizes received from tickets purchased after the effective date of this act. Lottery prizes awarded by the Idaho State Lottery under $600 are exempt from state income tax. Additionally, no taxes of any kind shall be imposed on the sale, purchase, storage, use, or other consumption of Idaho lottery tickets or shares, or on equipment, devices, or systems directly used in the production, operation, sales, distribution, tracking, drawing, accounting, communication, or computation of lottery games. The state lottery is required to pay a grant to a city, county, the state, or any political subdivision or municipality in which the state lottery occupies a premises owned by the state, not exceeding the amount that would be payable as taxes on the property in that year if it were not exempt from taxation.
Whom does it apply to?
Lottery prize recipients, Idaho State Lottery, cities, counties, political subdivisions, municipalities
What does it govern?
Idaho State Lottery
What are exemptions?
Lottery prizes awarded under $600
What are the Penalties?
No penalties mentioned
Jurisdiction
Idaho