HB 1460-FN-A – AS INTRODUCED
2010 SESSION
09/10
HOUSE BILL 1460-FN-A
AN ACT establishing a credit for gambling losses against the tax on gambling winnings.
SPONSORS: Rep. R. Elliott, Rock 4; Rep. DiFruscia, Rock 4; Rep. Bulis, Graf 1; Rep. Sapareto, Rock 5
This bill establishes a credit for gambling losses against the tax on gambling winnings.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
10-2143
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Ten
AN ACT establishing a credit for gambling losses against the tax on gambling winnings.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Credit Against Tax on Gambling Winnings. Amend RSA 77 by inserting after section 41 the following new section:
77:41-a Credit for Gambling Losses. There shall be a credit against the tax payable under this subdivision for gambling losses which may be reported as an itemized deduction on federal income tax returns. Any person claiming the credit for gambling losses shall retain proof of such losses in the form of tickets, statements, or similar items.
2 Effective Date. This act shall take effect July 1, 2010.
LBAO
10-2143
11/23/09
HB 1460-FN-A - FISCAL NOTE
AN ACT establishing a credit for gambling losses against the tax on gambling winnings.
FISCAL IMPACT:
The Department of Revenue Administration states this bill may decrease state general fund revenue by an indeterminable amount in FY 2011 and each year thereafter. This bill will have no fiscal impact on state, county, and local expenditures, or county and local revenue.
METHODOLOGY:
The Department of Revenue Administration states this bill establishes a credit for gambling losses against the tax on gambling winnings. The Department states they can administer this bill within their existing budget, but would need to increase their effort relative to auditing and resolving compliance issues. The Department states this bill could create a potential for fraud since the mere possession of losing tickets does not corroborate that they are a specific taxpayer’s losses. The Department states while they receive data from federal form W-2 G pertaining to the gambling winnings, they are not able to determine the specific amount of gambling deductions reported on individual’s tax returns. As a result, they are unable to determine the exact fiscal impact at this time.