LOTTERY PAYOUT CAP H.B. 4662: FLOOR ANALYSIS
House Bill 4662 (as reported without amendment) Sponsor: Representative Susan Grimes Munsell House Committee: Regulatory Affairs
Senate Committee: Local, Urban, and State Affairs
The bill would amend the Lottery Act to specify that, as nearly as is practicable, not less than 45% of the total annual revenue accruing from the sale of lottery tickets or shares would have to be apportioned for payment of prizes to the holders of winning tickets or shares.
Currently, the Act requires that, as nearly as practicable, 45% of the annual revenue be paid out as prizes.
MCL 432.12 Legislative Analyst: P. Affholter
According to the Bureau of State Lottery, the bill would increase lottery ticket sales by $500 million to $700 million per year. The revenue to the School Aid Fund would increase by $71 million to $121 million.
Date Completed: 4-27-95 Fiscal Analyst: L. Nacionales-Tafoya
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This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.