AN ACT CONCERNING GAMING PRODUCTS AND RAFFLE PRIZES.

OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 ¯ (860) 240-0200

http: //www.cga.ct.gov/ofa

sHB-5486

AN ACT CONCERNING GAMING PRODUCTS AND RAFFLE PRIZES.

AMENDMENT

LCO No.: 4286

File Copy No.: 539

House Calendar No.: 360

Agency Affected	Fund-Effect	FY 07 $	FY 08 $
Department of Revenue Services	GF - Revenue Loss	3.2 million	None
Spec. Revenue, Div. of	GF - Revenue Gain	320, 000	None

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment will result in a General Fund revenue loss of up to $3.2 million.

The amendment allows the awarding of at least one $5.22 million lottery prize (over 20 years) by the Connecticut Lottery Corporation (CLC) . A total of $2.88 million will be used to pay the first annual installment and purchase an annuity that will cover the remaining 19 annual installments. This will result in a General Fund revenue loss because the CLC may use unclaimed prize money in one of three ways: (1) Direct payment to the General Fund, (2) Addition to a subsequent lottery prize pool, or (3) Promotion of an increase in lottery sales.

The amendment also transfers 10% of the lottery prize payout mentioned above ($320, 000) to DSR.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either House thereof for any purpose.