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Introduced Version Senate Bill 98 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 98

(By Senator Bowman)

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[Introduced January 9, 2008; referred to the Committee on the Judiciary; and then to the Committee on Finance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-78, relating to specifying that gambling and lottery winnings are taxable; specifying that gambling and lottery losses are tax deductible; and requiring the taxpayer to keep detailed records showing losses.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-21-78, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
PART I. GENERAL.

§11-21-78. Gambling and lottery winnings.

Gambling and lottery winnings are taxable. These consists of gains arising from gambling and lotteries. In calculating gains, the taxpayer may deduct gambling and lottery losses, but may not deduct the costs and expenses incurred in connection with the gambling and lottery activity. In addition to the other record keeping requirements pursuant to this chapter, the taxpayer shall maintain detailed records substantiating losses. The taxpayer has the burden of proving losses.
The Tax Commissioner may prescribe all necessary forms and propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine-a of this code as are necessary to carry out and enforce the provisions of this section.


NOTE: The purpose of this bill is to specify that gambling and lottery winnings are taxable and that gambling and lottery losses are tax deductible. The bill also requires the taxpayer to keep detailed records showing losses.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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