HB 215-FN-A – AS INTRODUCED
2011 SESSION
09/03
HOUSE BILL 215-FN-A
AN ACT establishing a credit for gambling losses against the tax on gambling winnings.
SPONSORS: Rep. Foose, Merr 1; Rep. Baroody, Hills 13; Rep. Elliott, Rock 4
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
11-0186
09/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
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, 2011.
LBAO
11-0186
12/20/10
HB 215-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 and Lottery Commission states this bill will reduce state general fund revenue by an indeterminable amount in FY 2012 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 seeks to add a credit for gambling losses under the Gambling Winnings Tax under RSA 77. While the Department receives data from federal form W-2G pertaining to individual gambling winnings, the Department does not receive data pertaining to individual gambling losses reported on an individual’s federal tax return. As such, the Department is unable to determine the fiscal impact of the bill at this time.
The Lottery Commission estimates the gambling tax revenue from Lottery is estimated at $2.6M in FY 2012, and $2.8M in FY 2013. The Commission states there is a possibility that credits against gambling tax revenue will equal 100% of the tax. The exact fiscal impact cannot be determined at this time.
The Racing and Charitable Gaming Commission states this bill will have no fiscal impact.