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TagResults 1 - 10 of 44 for taxes. (0.01 seconds)

Tax on Kentucky Lottery tickets no longer being considered
Your outrage was heard Kentucky lawmakers won't pursue a 6% tax on lottery tickets as a source of revenue to shore up the state's financially troubled pension system for government retirees. House Speaker Greg Stumbo said that idea was rejected out of concern that a tax might have stifled sales of lottery tickets that generate money for education programs in Kentucky. Instead, Stumbo said lawmakers will unveil legislation on Tuesday that will call for the lottery to create new games, in ...
Feb 26, 2013, 1:18 pm - Lottery News forum

Kentucky Democrats propose taxing lottery tickets
Democratic House leaders want to add a 6 percent sales tax to Kentucky Lottery purchases and expand the selection of lottery games as a way to increase funding for the state's ailing pension system. House State Government Chairman Brent Yonts, D-Greenville, said adding a 6 percent sales tax on lottery games could generate about $49 million a year for the state. Adding additional games to the lottery could generate an additional $70 million to $90 million, he said. Combined, Yonts predicted ...
Feb 22, 2013, 11:34 am - Lottery News forum

Pa. man pleads guilty in bizarre lottery tax case
A 70-year-old Pennsylvania man faces up to a year and half in prison for having more than 40 people cash in lottery tickets worth $520,000 so he could avoid paying federal income tax on the winnings. Sherman Friend, of McClellandtown, faces a sentence of 12 to 18 months in federal prison when he is sentenced Feb. 15 on the tax evasion charge he pleaded guilty to Friday before U.S. District Judge Arthur Schwab in Pittsburgh. Assistant U.S. Attorney Nelson Cohen said Friend won big when he b ...
Sep 28, 2012, 12:45 pm - Lottery News forum

Connecticut to audit lottery winners for back taxes
After successfully targeting deadbeat parents, the state of Connecticut is going after tax evaders' lottery winnings. Beginning Dec. 31, a new law will take effect requiring the Connecticut Lottery Corporation to deduct delinquent taxes, crosschecked with the Department of Revenue Services, from any claim of $5,000 or more. If someone is lucky enough to win a lottery prize and they also owe back taxes, it is reasonable to collect those taxes at that time, co-sponsor Rep. Gerald Fox, D-Sta ...
Dec 20, 2011, 7:42 am - Lottery News forum

Professional lottery player wins tax dispute
Big winnings, tiny taxes Several times a week, Clarance W. Jones does something most people can only dream of: He cashes in bunches of winning lottery tickets. And even better, he has found a way to pay barely any taxes on the massive take. Over the past decade, the 73-year-old from Lynn has redeemed more than 10,000 tickets from the state lottery more than any other person worth a total of more than $18 million. He has also long fought efforts by the state to collect considerable ta ...
Nov 5, 2011, 9:45 am - Lottery News forum

Legislators grill Ark. lottery financial officer
The Arkansas lottery's chief financial officer said Wednesday that a $90,000 tax penalty probably resulted because of a data input error, though legislators remained puzzled over how the lottery's director wasn't told of the problem for more than three months. Lottery director Ernie Passailaigue told members of the Lottery Oversight Committee that he was disappointed he wasn't told of the Internal Revenue Service problem until long after it had emerged. The IRS assessed the penalty because ...
Aug 25, 2011, 10:56 am - Lottery News forum

Ct. to deduct back taxes from lottery winnings
Stamford resident's idea inspired legislation Legislation (HB6270), introduced by State Representative Gerald Fox III (D-Stamford) requiring the Connecticut Lottery to deduct delinquent taxes and penalties before distributing a lottery prize of $5,000 or more to a winner, was ceremoniously signed into law Friday by Governor Dannel Malloy at the State Capitol. The new law applies to winning lottery tickets redeemed on or after January 1, 2012. There is currently about $400 million in state ...
Aug 15, 2011, 6:02 pm - Lottery News forum

Two get probation in scheme to avoid taxes on lottery win
A pair of men who conspired to hide from the tax man that one of them won $500,000 in the lottery were each sentenced to two years of probation Tuesday. Pennsylvania convenience store owner Charig R. Patel and frequent lottery player Kendrick D. Francis each admitted to conspiracy to defraud the IRS and making a false statement on a tax return in March and faced up to three years in a federal prison. However, attorneys for each of the men argued to Chief District Judge Gregory M. Sleet tha ...
Jul 13, 2011, 9:25 pm - Lottery News forum

N.J. woman suing state over lottery tax
State retroactively slapped her with $1.58 million in taxes A Rockaway, New Jersey, woman who won a $14.9 million prize in the New Jersey Lottery's Pick 6 drawing in 2009 is suing the state to get a $1.58 million income tax refund she says she is owed. Kimberly Wearin's lawsuit, made public today in Superior Court in Morristown, says that when she won the prize on June 4, 2009 and took it as a lump sum, winnings from the state lottery were excluded from taxable income, under state law. ...
Jun 7, 2011, 5:21 pm - Lottery News forum

New Hampshire repeals taxes on lottery prizes
Lottery commission celebrates with Tax Repeal Tea Party Starting Monday, New Hampshire residents no longer have to pay taxes on their lottery winnings. The state imposed a 10 percent tax on gambling winnings over $600 in 2009, but the tax was repealed by the current Legislature under a bill going effect Monday. Gov. John Lynch last week signed into law the bill repealing the tax, which officials said hurt the racetrack and battered lottery sales after the state enacted it two years ago ...
May 22, 2011, 10:52 pm - Lottery News forum

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